The CAD/JPY saw a sharp rally in the second half of March from 90.65 to 94.88. This swing looks like a bullish breakout swing, but could also just be part of an expanding consolidation. You can see relatively sideways action since late January. (cad/jpy 4H chart, 4/14)The pair has just bounced off a key area. The 92.20-92.30 area contains 1) previous support/resistance pivots.2) central pivot of the consolidation range.3) fibonacci retracement of 61.8%Support in this area means respect for the consolidation range as a price bottom. (cad/jpy 4h, 4/14) The daily chart shows how the 92.20 support was reinforced by previous price action in August 2013. We also see that the market is at the crossroad between a choppy bearish market since May 2013, and a price bottom that appears to be developing.