AUD/JPY may rise 69 - 103 pips

99.77 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 99.77 would call for 99.20 and 98.86.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (100.19) but under its 50 period moving average (100.31).

Supports and resistances

101.98 **

101.64 *

101.30 **

100.96

100.27 last

99.99

99.77 **

99.20 *

98.86 **

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