CAD/JPY may rise 50 - 74 pips

Our pivot point stands at 114.08.

Our preference

The upside prevails as long as 114.08 is support.

Alternative scenario

Below 114.08, expect 113.68 and 113.44.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 114.32 and 114.22).

Supports and resistances

115.63 **

115.39 *

115.15 **

114.91

114.41 last

114.24

114.08 **

113.68 *

113.44 **

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