AUD/JPY may rise 83 - 122 pips

Our pivot point is at 95.48.

Our preference

The upside prevails as long as 95.48 is support.

Alternative scenario

The downside breakout of 95.48 would call for 94.83 and 94.44.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 95.58 and 95.20).

Supports and resistances

98.06 **

97.67 *

97.29 **

96.90

96.07 last

95.73

95.48 **

94.83 *

94.44 **

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