AUD/JPY may rise 74 - 109 pips

Our pivot point stands at 96.13.

Our preference

Rebound.

Alternative scenario

The downside breakout of 96.13 would call for 95.56 and 95.22.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (96.42) but below its 50 period moving average (96.76). Finally, the AUD/JPY has crossed above its upper Bollinger band (96.61).

Supports and resistances

98.42 **

98.08 *

97.74 **

97.39

96.65 last

96.36

96.13 **

95.56 *

95.22 **

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