AUD/JPY may rise 82 - 121 pips

Our pivot point stands at 95.16.

Our preference

Look for a drop towards 95.16 before a bounce.

Alternative scenario

Below 95.16, expect 94.52 and 94.13.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the pair is trading under its 20 period moving average (96.06) but above its 50 period moving average (95.96).

Supports and resistances

97.99 **

97.60 *

97.22 **

96.83

96.01 last

95.41

95.16 **

94.52 *

94.13 **

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