CAD/JPY may rise 62 - 91 pips

Our pivot point is at 111.75.

Our preference

Rebound towards 113.08.

Alternative scenario

The downside breakout of 111.75 would call for 111.26 and 110.96.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 112.45 and 112.89).

Supports and resistances

113.67 **

113.38 *

113.08 **

112.79

112.17 last

111.95

111.75 **

111.26 *

110.96 **

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