AUD/JPY may rise 39 - 58 pips

Our pivot point stands at 108.61.

Our preference

As long as 108.61 is support look for 109.45.

Alternative scenario

Below 108.61, expect 108.30 and 108.12.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (108.87) but above its 50 period moving average (108.75).

Supports and resistances

109.81 **

109.63 *

109.45 **

109.26

108.87 last

108.73

108.61 **

108.30 *

108.12 **

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