CAD/JPY may fall 57 - 85 pips

Our pivot point is at 114.30.

Our preference

Under pressure below 114.30.

Alternative scenario

The upside breakout of 114.30, would call for 114.78 and 115.06.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 114.04 and 113.95). Finally, the CAD/JPY is trading below its lower Bollinger band (standing at 113.87).

Supports and resistances

115.06 **

114.78 *

114.30 **

114.12

113.84 last

113.27

112.99 **

112.70 *

112.42 **

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