CAD/JPY may rise 80 - 118 pips

Our pivot point stands at 105.87.

Our preference

Rebound towards 107.66.

Alternative scenario

Below 105.87, expect 105.23 and 104.85.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 106.50 and 106.93).

Supports and resistances

108.42 **

108.04 *

107.66 **

107.28

106.48 last

106.12

105.87 **

105.23 *

104.85 **

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