AUD/JPY may rise 63 - 93 pips

Our pivot point is at 97.94.

Our preference

Rebound.

Alternative scenario

The downside breakout of 97.94 would call for 97.45 and 97.16.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (98.04) but below its 50 period moving average (98.97).

Supports and resistances

100.03 **

99.74 *

99.45 **

99.15

98.52 last

98.14

97.94 **

97.45 *

97.16 **

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