CAD/JPY may fall 79 - 117 pips

Our pivot point is at 107.46.

Our preference

The downside prevails as long as 107.46 is resistance.

Alternative scenario

Above 107.46, look for 108.09 and 108.47.

Comment

The RSI is below 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 107.34 and 107.74).

Supports and resistances

108.47 **

108.09 *

107.46 **

107.21

106.95 last

106.16

105.78 **

105.41 *

105.03 **

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