CAD/JPY may rise 49 - 73 pips

Our pivot point is at 114.63.

Our preference

The upside prevails as long as 114.63 is support.

Alternative scenario

The downside breakout of 114.63 would call for 114.22 and 113.98.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 114.89 and 114.86).

Supports and resistances

116.18 **

115.94 *

115.70 **

115.46

114.97 last

114.78

114.63 **

114.22 *

113.98 **

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