AUD/JPY may fall 60 - 88 pips

103.04 is our pivot point.

Our preference

The downside prevails as long as 103.04 is resistance.

Alternative scenario

Above 103.04, look for 103.51 and 103.79.

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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 102.89 and 103.24).

Supports and resistances

103.79 **

103.51 *

103.04 **

102.85

102.66 last

102.06

101.78 **

101.50 *

101.22 **

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