CAD/JPY may rise 68 - 99 pips

108.56 is our pivot point.

Our preference

As long as 108.56 is support look for 110.01.

Alternative scenario

The downside breakout of 108.56 would call for 108.03 and 107.71.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (109.07) but above its 50 period moving average (108.88).

Supports and resistances

110.65 **

110.33 *

110.01 **

109.70

109.02 last

108.77

108.56 **

108.03 *

107.71 **

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