CAD/JPY may rise 37 - 55 pips

Our pivot point stands at 118.11.

Our preference

As long as 118.11 is support look for 118.95.

Alternative scenario

Below 118.11, expect 117.81 and 117.64.

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 pair is trading under its 20 period moving average (118.41) but above its 50 period moving average (118.28).

Supports and resistances

119.30 **

119.12 *

118.95 **

118.77

118.40 last

118.22

118.11 **

117.81 *

117.64 **

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