CAD/JPY may rise to 118.42 - 120.08

Our pivot point is at 112.48.

Our preference

As long as 112.48 is support look for 120.08.

Alternative scenario

Below 112.48, expect 109.70 and 108.04.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 114.39 and 113.26).

Supports and resistances

123.41 **

121.75 *

120.08 **

118.42

114.99 last

113.58

112.48 **

109.70 *

108.04 **

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