AUD/JPY may rise 57 - 80 pips

Our pivot point stands at 103.67.

Our preference

Rise to 104.78.

Alternative scenario

Below 103.67, expect 103.27 and 103.04.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price is below its 20 period moving average (103.98) but above its 50 period moving average (103.97).

Supports and resistances

105.25 **

105.02 *

104.78 **

104.55

103.98 last

103.82

103.67 **

103.27 *

103.04 **

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