AUD/JPY may rise 82 - 123 pips

97.71 is our pivot point.

Our preference

The upside prevails as long as 97.71 is support.

Alternative scenario

The downside breakout of 97.71 would call for 97.03 and 96.63.

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 trading above both its 20 and 50 period moving average (respectively at 97.96 and 97.77).

Supports and resistances

100.29 **

99.88 *

99.48 **

99.07

98.25 last

97.98

97.71 **

97.03 *

96.63 **

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