AUD/JPY may rise 49 - 72 pips

Our pivot point stands at 103.78.

Our preference

The upside prevails as long as 103.78 is support.

Alternative scenario

The downside breakout of 103.78 would call for 103.39 and 103.15.

Comment

The RSI is above 50. 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 103.92 and 103.99).

Supports and resistances

105.28 **

105.05 *

104.81 **

104.58

104.09 last

103.94

103.78 **

103.39 *

103.15 **

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