AUD/JPY may fall 78 - 117 pips

Our pivot point is at 98.12.

Our preference

Target 96.24.

Alternative scenario

The upside breakout of 98.12, would call for 98.77 and 99.16.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (97.50) but above its 50 period moving average (97.38).

Supports and resistances

99.16 **

98.77 *

98.12 **

97.87

97.41 last

96.63

96.24 **

95.86 *

95.47 **

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