AUD/JPY may rise 48 - 72 pips

Our pivot point is at 104.28.

Our preference

The upside prevails as long as 104.28 is support.

Alternative scenario

Below 104.28, expect 103.89 and 103.65.

Comment

The RSI is above 50. 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 104.48 and 104.25).

Supports and resistances

105.83 **

105.59 *

105.36 **

105.12

104.64 last

104.44

104.28 **

103.89 *

103.65 **

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