$CADJPY: Watching that 116.089 level carefully

Been looking at the $CADJPY pair this morning, and it's holding up pretty well around 116.197. The recent bounce off the 116.089 low has my attention. It's not a huge move, but it's consistent with what I'm seeing on the hourly charts. The pair seems to be establishing a bit of support there.

My thinking is that if we can maintain above 116.089, we might see a grind back towards yesterday's high of 116.464, maybe even test higher. The risk to this idea, of course, is a clear break below that 116.089 level. If we close an hourly candle significantly beneath it, then the whole setup is off, and I'd be looking for a move towards the lower part of the recent range. Just my two cents, interested to hear if anyone else is seeing similar things.