AUD/JPY may fall 58 - 86 pips

Our pivot point stands at 96.48.

Our preference

The downside prevails as long as 96.48 is resistance.

Alternative scenario

Above 96.48, look for 96.96 and 97.24.

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 96.80 and 97.08). Finally, the AUD/JPY has penetrated its lower Bollinger band (95.95).

Supports and resistances

97.24 **

96.96 *

96.48 **

96.29

95.78 last

95.20

94.92 **

94.63 *

94.35 **

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