AUD/JPY may rise 85 - 124 pips

98.13 is our pivot point.

Our preference

The upside prevails as long as 98.13 is support.

Alternative scenario

The downside breakout of 98.13 would call for 97.48 and 97.09.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 98.11 and 97.62).

Supports and resistances

100.68 **

100.29 *

99.90 **

99.51

98.66 last

98.39

98.13 **

97.48 *

97.09 **

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