AUD/JPY may fall 53 - 76 pips

Our pivot point is at 104.15.

Our preference

The downside prevails as long as 104.15 is resistance.

Alternative scenario

The upside breakout of 104.15, would call for 104.54 and 104.78.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 103.90 and 104.15).

Supports and resistances

104.78 **

104.54 *

104.15 **

104.00

103.78 last

103.25

103.02 **

102.79 *

102.55 **

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