CAD/JPY may fall 57 - 85 pips

Our pivot point stands at 114.01.

Our preference

The downside prevails as long as 114.01 is resistance.

Alternative scenario

The upside breakout of 114.01, would call for 114.48 and 114.76.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 113.81 and 113.89).

Supports and resistances

114.76 **

114.48 *

114.01 **

113.82

113.49 last

112.92

112.64 **

112.35 *

112.07 **

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