CAD/JPY may rise 71 - 102 pips

Our pivot point is at 108.23.

Our preference

The upside prevails as long as 108.23 is support.

Alternative scenario

The downside breakout of 108.23 would call for 107.69 and 107.38.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 108.65 and 108.63).

Supports and resistances

110.31 **

109.99 *

109.67 **

109.36

108.65 last

108.44

108.23 **

107.69 *

107.38 **

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