CAD/JPY may fall 73 - 108 pips

108.48 is our pivot point.

Our preference

The downside prevails as long as 108.48 is resistance.

Alternative scenario

Above 108.48, look for 109.06 and 109.40.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 108.23 and 108.46).

Supports and resistances

109.40 **

109.06 *

108.48 **

108.26

108.03 last

107.30

106.95 **

106.61 *

106.27 **

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