AUD/JPY may fall 83 - 123 pips

Our pivot point stands at 98.50.

Our preference

Target 96.72.

Alternative scenario

Above 98.50, look for 99.17 and 99.56.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (98.06) but above its 50 period moving average (97.95).

Supports and resistances

99.56 **

99.17 *

98.50 **

98.24

97.95 last

97.12

96.72 **

96.33 *

95.93 **

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