CAD/JPY may rise 41 - 61 pips

Our pivot point stands at 117.83.

Our preference

The upside prevails as long as 117.83 is support.

Alternative scenario

The downside breakout of 117.83 would call for 117.50 and 117.30.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 117.80 and 117.91).

Supports and resistances

119.11 **

118.91 *

118.72 **

118.52

118.11 last

117.96

117.83 **

117.50 *

117.30 **

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