AUD/JPY may rise 37 - 56 pips

Our pivot point is at 107.09.

Our preference

Rebound towards 107.92.

Alternative scenario

Below 107.09, expect 106.78 and 106.60.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 107.66 and 108.57).

Supports and resistances

108.28 **

108.10 *

107.92 **

107.73

107.36 last

107.21

107.09 **

106.78 *

106.60 **

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