AUD/JPY may fall 47 - 70 pips

104.31 is our pivot point.

Our preference

Target 103.29.

Alternative scenario

Above 104.31, look for 104.70 and 104.93.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (104.04) but above its 50 period moving average (103.94).

Supports and resistances

104.93 **

104.70 *

104.31 **

104.15

103.99 last

103.52

103.29 **

103.05 *

102.82 **

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