CAD/JPY may fall to 107.04 - 109.10

Our pivot point stands at 116.78.

Our preference

The downside prevails as long as 116.78 is resistance.

Alternative scenario

Above 116.78, look for 120.27 and 122.35.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 116.36 and 115).

Supports and resistances

122.35 **

120.27 *

116.78 **

115.41

113.36 last

109.10

107.04 **

104.98 *

102.91 **

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