CAD/JPY may fall 70 - 102 pips

Our pivot point is at 110.51.

Our preference

The downside prevails as long as 110.51 is resistance.

Alternative scenario

The upside breakout of 110.51, would call for 111.05 and 111.37.

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 110.22 and 110.34).

Supports and resistances

111.37 **

111.05 *

110.51 **

110.30

110.04 last

109.34

109.02 **

108.70 *

108.38 **

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