AUD/JPY may fall 100 - 140 pips

98.30 is our pivot point.

Our preference

The downside prevails as long as 98.30 is resistance.

Alternative scenario

The upside breakout of 98.30, would call for 98.98 and 99.38.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 98 and 98.04). Finally, the AUD/JPY is trading below its lower Bollinger band (standing at 97.78).

Supports and resistances

99.38 **

98.98 *

98.30 **

98.03

97.75 last

96.75

96.35 **

95.95 *

95.55 **

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