CAD/JPY may fall 53 - 77 pips

Our pivot point stands at 115.34.

Our preference

As long as 115.34 is resistance look for 114.25.

Alternative scenario

The upside breakout of 115.34, would call for 115.74 and 115.98.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 115.03 and 115.02).

Supports and resistances

115.98 **

115.74 *

115.34 **

115.18

115.02 last

114.49

114.25 **

114.01 *

113.77 **

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