CAD/JPY may rise 75 - 113 pips

Our pivot point is at 106.70.

Our preference

As long as 106.70 is support look for 108.37.

Alternative scenario

Below 106.70, expect 106.07 and 105.69.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 107.20 and 107.05).

Supports and resistances

109.12 **

108.74 *

108.37 **

107.99

107.24 last

106.94

106.70 **

106.07 *

105.69 **

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