CAD/JPY may rise 78 - 112 pips

104.96 is our pivot point.

Our preference

The upside prevails as long as 104.96 is support.

Alternative scenario

Below 104.96, expect 104.38 and 104.04.

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 above its 20 and 50 period moving average (respectively at 105.18 and 104.70).

Supports and resistances

107.30 **

106.96 *

106.61 **

106.27

105.49 last

105.19

104.96 **

104.38 *

104.04 **

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