AUD/JPY may fall 48 - 72 pips

Our pivot point stands at 104.46.

Our preference

The downside prevails as long as 104.46 is resistance.

Alternative scenario

The upside breakout of 104.46, would call for 104.86 and 105.09.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 104.22 and 104.35).

Supports and resistances

105.09 **

104.86 *

104.46 **

104.31

104.08 last

103.60

103.36 **

103.13 *

102.89 **

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