AUD/JPY may rise 48 - 72 pips

Our pivot point is at 104.00.

Our preference

Rebound.

Alternative scenario

Below 104, expect 103.60 and 103.37.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (104.30) but under its 50 period moving average (104.45).

Supports and resistances

105.55 **

105.31 *

105.08 **

104.84

104.36 last

104.15

104.00 **

103.60 *

103.37 **

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