CAD/JPY may rise 81 - 120 pips

106.73 is our pivot point.

Our preference

The upside prevails as long as 106.73 is support.

Alternative scenario

The downside breakout of 106.73 would call for 106.09 and 105.70.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 106.91 and 106.98).

Supports and resistances

109.22 **

108.83 *

108.45 **

108.06

107.25 last

106.98

106.73 **

106.09 *

105.70 **

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