CAD/JPY may rise 52 - 79 pips

Our pivot point stands at 114.45.

Our preference

The upside prevails as long as 114.45 is support.

Alternative scenario

Below 114.45, expect 114.01 and 113.75.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 114.66 and 114.58). Finally, the CAD/JPY has crossed above its upper Bollinger band (114.91).

Supports and resistances

116.29 **

116.03 *

115.77 **

115.50

114.98 last

114.62

114.45 **

114.01 *

113.75 **

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