CAD/JPY may fall 91 - 128 pips

106.79 is our pivot point.

Our preference

The downside prevails as long as 106.79 is resistance.

Alternative scenario

Above 106.79, look for 107.41 and 107.78.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 106.44 and 106.76).

Supports and resistances

107.78 **

107.41 *

106.79 **

106.54

106.25 last

105.34

104.97 **

104.60 *

104.23 **

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