CAD/JPY may rise 38 - 55 pips

Our pivot point is at 116.57.

Our preference

Rebound.

Alternative scenario

Below 116.57, expect 116.28 and 116.11.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (116.74) but below its 50 period moving average (116.96).

Supports and resistances

117.75 **

117.58 *

117.40 **

117.23

116.85 last

116.68

116.57 **

116.28 *

116.11 **

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