AUD/JPY may rise to 110.07 - 111.33

Our pivot point stands at 105.58.

Our preference

The upside prevails as long as 105.58 is support.

Alternative scenario

Below 105.58, expect 103.47 and 102.21.

Comment

The RSI is above 70. It could mean either that the pair 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 trading above both its 20 and 50 period moving average (respectively at 105.06 and 103.13).

Supports and resistances

113.85 **

112.59 *

111.33 **

110.07

107.44 last

106.41

105.58 **

103.47 *

102.21 **

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