AUD/JPY may rise 54 - 81 pips

Our pivot point stands at 103.88.

Our preference

As long as 103.88 is support look for 105.07.

Alternative scenario

The downside breakout of 103.88 would call for 103.43 and 103.17.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 104.22 and 104.18).

Supports and resistances

105.60 **

105.34 *

105.07 **

104.80

104.26 last

104.05

103.88 **

103.43 *

103.17 **

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