AUD/JPY may rise 44 - 65 pips

Our pivot point is at 107.08.

Our preference

As long as 107.08 is support look for 108.03.

Alternative scenario

The downside breakout of 107.08 would call for 106.72 and 106.51.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 107.27 and 106.99).

Supports and resistances

108.46 **

108.24 *

108.03 **

107.82

107.38 last

107.21

107.08 **

106.72 *

106.51 **

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