CAD/JPY may rise 78 - 117 pips

Our pivot point stands at 106.78.

Our preference

Rebound.

Alternative scenario

The downside breakout of 106.78 would call for 106.14 and 105.75.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (107.21) but under its 50 period moving average (107.33).

Supports and resistances

109.23 **

108.84 *

108.46 **

108.07

107.29 last

107.03

106.78 **

106.14 *

105.75 **

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