CAD/JPY may rise 50 - 75 pips

Our pivot point is at 116.45.

Our preference

The upside prevails as long as 116.45 is support.

Alternative scenario

The downside breakout of 116.45 would call for 116.04 and 115.79.

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 116.66 and 116.44).

Supports and resistances

118.01 **

117.77 *

117.53 **

117.28

116.78 last

116.61

116.45 **

116.04 *

115.79 **

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