AUD/JPY may rise 70 - 104 pips

99.72 is our pivot point.

Our preference

As long as 99.72 is support look for 101.23.

Alternative scenario

The downside breakout of 99.72 would call for 99.14 and 98.80.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (100.22) but above its 50 period moving average (100.08).

Supports and resistances

101.92 **

101.57 *

101.23 **

100.89

100.19 last

99.94

99.72 **

99.14 *

98.80 **

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