AUD/JPY may fall 47 - 70 pips

Our pivot point stands at 104.76.

Our preference

As long as 104.76 is resistance look for 103.70.

Alternative scenario

The upside breakout of 104.76, would call for 105.15 and 105.39.

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 should trigger further gains. Moreover, the price is trading above its 20 period moving average (104.39) but under its 50 period moving average (104.40).

Supports and resistances

105.39 **

105.15 *

104.76 **

104.60

104.40 last

103.93

103.70 **

103.46 *

103.23 **

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