AUD/JPY may rise 40 - 58 pips

107.40 is our pivot point.

Our preference

As long as 107.40 is support look for 108.24.

Alternative scenario

The downside breakout of 107.40 would call for 107.10 and 106.91.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 107.62 and 107.51).

Supports and resistances

108.60 **

108.42 *

108.24 **

108.06

107.66 last

107.52

107.40 **

107.10 *

106.91 **

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