CAD/JPY may fall 37 - 54 pips

Our pivot point stands at 118.78.

Our preference

The downside prevails as long as 118.78 is resistance.

Alternative scenario

Above 118.78, look for 119.07 and 119.24.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 118.65 and 118.64). Finally, the CAD/JPY is trading below its lower Bollinger band (standing at 118.51).

Supports and resistances

119.24 **

119.07 *

118.78 **

118.66

118.49 last

118.12

117.95 **

117.78 *

117.60 **

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