AUD/JPY may rise 71 - 105 pips

Our pivot point stands at 100.09.

Our preference

The upside prevails as long as 100.09 is support.

Alternative scenario

The downside breakout of 100.09 would call for 99.52 and 99.18.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 100.30 and 100.05).

Supports and resistances

102.29 **

101.95 *

101.61 **

101.27

100.56 last

100.31

100.09 **

99.52 *

99.18 **

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