The CAD/JPY has formed a hidden bullish divergence and is approaching support. Hidden bullish divergence happens when price makes a lower low while the oscillator makes a higher low. Compared to the previous low 8th Feb (82.26), we might see a bounce from 82.40-50 POC zone (L1 ATR // W L5 // D L5 // -2/8 MM) indicates quadruple confluence.
Targets are 82.80, 83.20 and 83.40 round levels with a possible continuation move on the 4h close above 84.60, towards extended target 84.60. Have in mind that price needs to stay above 82.20 for the divergence to remain stable.
A move below 82.20 would signal additional bearish strength and a possibility for a retest of 82.00 area, January month close lows.