CAD/JPY may fall to 110.35 - 112.10

Our pivot point stands at 118.32.

Our preference

Target 110.35.

Alternative scenario

The upside breakout of 118.32, would call for 121.27 and 123.03.

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 pair is trading under its 20 period moving average (116.48) but above its 50 period moving average (114.92).

Supports and resistances

123.03 **

121.27 *

118.32 **

117.17

115.83 last

112.10

110.35 **

108.60 *

106.85 **

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