CAD/JPY may rise 41 - 60 pips

Our pivot point is at 117.77.

Our preference

Rebound towards 118.72.

Alternative scenario

Below 117.77, expect 117.44 and 117.24.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 118.20 and 118.30).

Supports and resistances

119.11 **

118.92 *

118.72 **

118.53

118.12 last

117.90

117.77 **

117.44 *

117.24 **

Number of asterisks represents the strength of support and resistance levels.