AUD/JPY may rise 82 - 123 pips

97.29 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 97.29 would call for 96.61 and 96.21.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (97.90) but below its 50 period moving average (98.03).

Supports and resistances

100.05 **

99.64 *

99.24 **

98.83

98.01 last

97.55

97.29 **

96.61 *

96.21 **

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