CAD/JPY may rise 57 - 85 pips

113.24 is our pivot point.

Our preference

The upside prevails as long as 113.24 is support.

Alternative scenario

The downside breakout of 113.24 would call for 112.77 and 112.49.

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 113.37 and 113.52).

Supports and resistances

115.11 **

114.83 *

114.54 **

114.26

113.69 last

113.43

113.24 **

112.77 *

112.49 **

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