CAD/JPY may fall to 104.40 - 106.55

Our pivot point is at 114.97.

Our preference

The downside prevails as long as 114.97 is resistance.

Alternative scenario

The upside breakout of 114.97, would call for 118.62 and 120.79.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 115.75 and 114.82).

Supports and resistances

120.79 **

118.62 *

114.97 **

113.53

111.76 last

106.55

104.40 **

102.25 *

100.10 **

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