CAD/JPY may rise 45 - 65 pips

Our pivot point is at 116.69.

Our preference

As long as 116.69 is support look for 117.62.

Alternative scenario

The downside breakout of 116.69 would call for 116.35 and 116.15.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (116.98) but above its 50 period moving average (116.90).

Supports and resistances

118.02 **

117.82 *

117.62 **

117.42

116.97 last

116.82

116.69 **

116.35 *

116.15 **

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