CAD/JPY may rise 65 - 97 pips

Our pivot point stands at 108.05.

Our preference

The upside prevails as long as 108.05 is support.

Alternative scenario

Below 108.05, expect 107.52 and 107.20.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 108.21 and 108.38).

Supports and resistances

110.12 **

109.81 *

109.49 **

109.17

108.52 last

108.26

108.05 **

107.52 *

107.20 **

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