AUD/JPY may rise 93 - 127 pips

99.83 is our pivot point.

Our preference

Rise to 101.57.

Alternative scenario

The downside breakout of 99.83 would call for 99.26 and 98.92.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI would call for further upside. Moreover, the price is below its 20 period moving average (100.32) but above its 50 period moving average (100.26).

Supports and resistances

102.25 **

101.91 *

101.57 **

101.23

100.30 last

100.05

99.83 **

99.26 *

98.92 **

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