CAD/JPY may rise 35 - 52 pips

Our pivot point stands at 117.81.

Our preference

As long as 117.81 is support look for 118.61.

Alternative scenario

The downside breakout of 117.81 would call for 117.52 and 117.35.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 118.03 and 117.97).

Supports and resistances

118.96 **

118.79 *

118.61 **

118.44

118.09 last

117.93

117.81 **

117.52 *

117.35 **

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