CAD/JPY may fall 59 - 86 pips

Our pivot point stands at 114.90.

Our preference

Target 113.68.

Alternative scenario

The upside breakout of 114.90, would call for 115.35 and 115.62.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (114.58) but above its 50 period moving average (114.51).

Supports and resistances

115.62 **

115.35 *

114.90 **

114.72

114.54 last

113.95

113.68 **

113.42 *

113.15 **

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