CAD/JPY may rise to 118.82 - 120.65

Our pivot point stands at 112.58.

Our preference

The upside prevails as long as 112.58 is support.

Alternative scenario

Below 112.58, expect 109.53 and 107.71.

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 113.84 and 112.92).

Supports and resistances

124.29 **

122.47 *

120.65 **

118.82

115.16 last

113.78

112.58 **

109.53 *

107.71 **

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