CAD/JPY may rise 82 - 120 pips

Our pivot point is at 106.97.

Our preference

The upside prevails as long as 106.97 is support.

Alternative scenario

Below 106.97, expect 106.33 and 105.95.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 107.45 and 107.19).

Supports and resistances

109.48 **

109.09 *

108.71 **

108.33

107.51 last

107.22

106.97 **

106.33 *

105.95 **

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