CAD/JPY may fall 54 - 78 pips

Our pivot point stands at 116.30.

Our preference

Under pressure below 116.30.

Alternative scenario

Above 116.30, look for 116.71 and 116.95.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 116.13 and 115.95). Finally, the CAD/JPY is trading below its lower Bollinger band (standing at 115.95).

Supports and resistances

116.95 **

116.71 *

116.30 **

116.14

115.95 last

115.41

115.17 **

114.93 *

114.68 **

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