AUD/JPY may rise 38 - 56 pips

Our pivot point stands at 108.81.

Our preference

As long as 108.81 is support look for 109.63.

Alternative scenario

Below 108.81, expect 108.50 and 108.32.

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 109.07 and 108.94).

Supports and resistances

110.00 **

109.81 *

109.63 **

109.45

109.07 last

108.93

108.81 **

108.50 *

108.32 **

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