CAD/JPY may rise 69 - 103 pips

Our pivot point stands at 107.61.

Our preference

Rebound.

Alternative scenario

Below 107.61, expect 107.04 and 106.70.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (108.10) but below its 50 period moving average (108.14).

Supports and resistances

109.85 **

109.51 *

109.17 **

108.83

108.14 last

107.83

107.61 **

107.04 *

106.70 **

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