CAD/JPY may rise 77 - 114 pips

Our pivot point is at 107.20.

Our preference

The upside prevails as long as 107.20 is support.

Alternative scenario

The downside breakout of 107.20 would call for 106.56 and 106.18.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 107.46 and 107.36).

Supports and resistances

109.60 **

109.22 *

108.84 **

108.47

107.70 last

107.45

107.20 **

106.56 *

106.18 **

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