CAD/JPY may rise to 118.53 - 120.38

112.05 is our pivot point.

Our preference

The upside prevails as long as 112.05 is support.

Alternative scenario

Below 112.05, expect 108.95 and 107.10.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 113.74 and 112.45).

Supports and resistances

124.08 **

122.23 *

120.38 **

118.53

114.56 last

113.26

112.05 **

108.95 *

107.10 **

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