CAD/JPY may rise 65 - 96 pips

107.78 is our pivot point.

Our preference

As long as 107.78 is support look for 109.23.

Alternative scenario

Below 107.78, expect 107.25 and 106.94.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 108.24 and 108.18).

Supports and resistances

109.86 **

109.55 *

109.23 **

108.92

108.27 last

107.99

107.78 **

107.25 *

106.94 **

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