CAD/JPY may rise 82 - 116 pips

Our pivot point stands at 103.07.

Our preference

Rebound towards 104.70.

Alternative scenario

The downside breakout of 103.07 would call for 102.50 and 102.16.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 103.88 and 104.37). Finally, the CAD/JPY is trading below its lower Bollinger band (standing at 103.54).

Supports and resistances

105.37 **

105.04 *

104.70 **

104.36

103.54 last

103.29

103.07 **

102.50 *

102.16 **

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