AUD/JPY may rise 81 - 121 pips

97.46 is our pivot point.

Our preference

As long as 97.46 is support look for 99.26.

Alternative scenario

The downside breakout of 97.46 would call for 96.79 and 96.40.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (98.09) but above its 50 period moving average (97.94).

Supports and resistances

100.05 **

99.65 *

99.26 **

98.86

98.05 last

97.72

97.46 **

96.79 *

96.40 **

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