The CAD/JPY looks like it may have a nice lil breakout here in the 1-hour timeframe as the pair managed to build a bottom over the last 2 sessions. This pair has been in a free-fall during January (as the macro data suggests the BOC may be thinking about lowering rates in the near term) but I must think that market participants have considered this latest decline a bit overdone. Zooming out to the daily timeframe, we see the steep fall from the 99 level and the potential for even a small retracement could net some decent pips. What's encouraging is the support that the 200-daily EMA provided. A quick target to the upside could be around 96.30, which would be the 55-daily EMA as well as a previous pivot that acted as support before it was cracked in Friday's session.