AUD/JPY may rise 84 - 123 pips

Our pivot point stands at 94.38.

Our preference

As long as 94.38 is support look for 96.13.

Alternative scenario

The downside breakout of 94.38 would call for 93.74 and 93.35.

Comment

The RSI is above 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 (94.92) but above its 50 period moving average (94.63).

Supports and resistances

96.90 **

96.51 *

96.13 **

95.74

94.90 last

94.64

94.38 **

93.74 *

93.35 **

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