AUD/JPY may rise 38 - 56 pips

Our pivot point is at 108.12.

Our preference

As long as 108.12 is support look for 108.96.

Alternative scenario

Below 108.12, expect 107.81 and 107.63.

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 108.39 and 108.21).

Supports and resistances

109.33 **

109.14 *

108.96 **

108.78

108.40 last

108.24

108.12 **

107.81 *

107.63 **

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