AUD/JPY may rise to 107.82 - 109.45

Our pivot point stands at 102.19.

Our preference

As long as 102.19 is support look for 109.45.

Alternative scenario

The downside breakout of 102.19 would call for 99.46 and 97.84.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 103.07 and 101.11).

Supports and resistances

112.71 **

111.08 *

109.45 **

107.82

104.48 last

103.27

102.19 **

99.46 *

97.84 **

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