AUD/JPY may rise 59 - 88 pips

Our pivot point stands at 97.89.

Our preference

Rebound.

Alternative scenario

Below 97.89, expect 97.40 and 97.11.

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 is trading above its 20 period moving average (98.21) but under its 50 period moving average (98.56).

Supports and resistances

99.84 **

99.55 *

99.26 **

98.97

98.38 last

98.08

97.89 **

97.40 *

97.11 **

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