AUD/JPY may fall 62 - 91 pips

Our pivot point stands at 98.13.

Our preference

The downside prevails as long as 98.13 is resistance.

Alternative scenario

Above 98.13, look for 98.62 and 98.91.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 98.85 and 99.82).

Supports and resistances

98.91 **

98.62 *

98.13 **

97.94

97.61 last

96.99

96.70 **

96.41 *

96.12 **

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