AUD/JPY may rise 71 - 106 pips

Our pivot point is at 100.92.

Our preference

The upside prevails as long as 100.92 is support.

Alternative scenario

Below 100.92, expect 100.33 and 99.98.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 101.07 and 100.95).

Supports and resistances

103.18 **

102.83 *

102.47 **

102.12

101.41 last

101.15

100.92 **

100.33 *

99.98 **

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