CAD/JPY may fall 80 - 119 pips

Our pivot point stands at 108.91.

Our preference

Target 107.22.

Alternative scenario

The upside breakout of 108.91, would call for 109.55 and 109.93.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (108.52) but above its 50 period moving average (108.40).

Supports and resistances

109.93 **

109.55 *

108.91 **

108.66

108.41 last

107.61

107.22 **

106.84 *

106.46 **

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