Our pivot point is at 103.71.
Our preference: the upside prevails as long as 103.71 is support
Alternative scenario: below 103.71, expect 103.23 and 102.94.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 103.98 and 103.95). Finally, the CAD/JPY is trading above its upper Bollinger band (standing at 104.21).
Supports and resistances:
105.79 **
105.50 *
105.22 **
104.93
104.35 last
103.90
103.71 **
103.23 *
102.94 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
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Written on 05-08-2025 at 10:45 UTC+1
Price reference: 104.35 last known on 05-08-2025 at 10:45 UTC+1
Investment horizon: INTRADAY
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