AUD/JPY may rise 94 - 133 pips

96.94 is our pivot point.

Our preference

Rise to 98.78.

Alternative scenario

The downside breakout of 96.94 would call for 96.29 and 95.90.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is below its 20 period moving average (97.46) but above its 50 period moving average (97.37).

Supports and resistances

99.55 **

99.17 *

98.78 **

98.39

97.45 last

97.19

96.94 **

96.29 *

95.90 **

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