CAD/JPY may fall 42 - 63 pips

117.65 is our pivot point.

Our preference

As long as 117.65 is resistance look for 116.63.

Alternative scenario

Above 117.65, look for 117.99 and 118.19.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 117.32 and 117.31).

Supports and resistances

118.19 **

117.99 *

117.65 **

117.52

117.26 last

116.84

116.63 **

116.43 *

116.23 **

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