CAD/JPY may rise 58 - 82 pips

114.24 is our pivot point.

Our preference

As long as 114.24 is support look for 115.42.

Alternative scenario

The downside breakout of 114.24 would call for 113.83 and 113.59.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 114.60 and 114.50).

Supports and resistances

115.90 **

115.66 *

115.42 **

115.18

114.60 last

114.39

114.24 **

113.83 *

113.59 **

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