CAD/JPY may rise 66 - 97 pips

Our pivot point is at 108.57.

Our preference

As long as 108.57 is support look for 110.02.

Alternative scenario

The downside breakout of 108.57 would call for 108.04 and 107.73.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 108.96 and 108.64).

Supports and resistances

110.65 **

110.34 *

110.02 **

109.71

109.05 last

108.78

108.57 **

108.04 *

107.73 **

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