CAD/JPY intraday: look for a drop towards 111.13 before a bounce
111.13 is our pivot point.
Our preference: look for a drop towards 111.13 before a bounce.
Alternative scenario: below 111.13, expect 110.84 and 110.67.
Comment: the RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 111.43 and 111.43).
Supports and resistances:
112.31 **
112.14 *
111.96 **
111.79
111.45 last
111.25
111.13 **
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