CAD/JPY ST: look for a drop towards 108.63 before a bounce
Our pivot point is at 108.63.
Our preference: look for a drop towards 108.63 before a bounce.
Alternative scenario: below 108.63, expect 106.85 and 105.79.
Comment: the RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 110.43 and 110.17).
Supports and resistances:
116.29 **
115.22 *
114.15 **
113.08
110.78 last
109.32
108.63 **
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