CAD/JPY may rise 75 - 112 pips

Our pivot point is at 108.29.

Our preference

Look for a drop towards 108.29 before a bounce.

Alternative scenario

Below 108.29, expect 107.67 and 107.31.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is below its 20 period moving average (108.85) but above its 50 period moving average (108.79).

Supports and resistances

110.70 **

110.33 *

109.96 **

109.59

108.84 last

108.54

108.29 **

107.67 *

107.31 **

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