I have the CAD in a long-term uptrend guided by the black in the chart, at the moment I have the CADJPY in the second wave of a 5 wave move higher from the low of 18 March 2018 at 80.55, that low is under threat as this second wave is moving ever closer to its red invalidation line. If the red line is broken then the short-term case will have failed and the overall picture for the CADJPY , and with it all Yen pairs and the closely correlated Indices, will turn short-term .
That move has implications because it will almost immediately put the Black long-term under threat and the wave projection system I use will be calling for a break. That would lead to a far more serious deleveraging of risk assets which I find hard to accept at the moment and as a result I will be viewing the red 80.55 line as a floor for the current Risk aversion move.
I expect the level to hold and the CADJPY to be a lead indicator for the timing of a move in all of the Yen pairs and hence the more indices.
Of course should the level break I will be taking a very different view.