AUD/JPY may rise 48 - 71 pips

Our pivot point is at 104.13.

Our preference

As long as 104.13 is support look for 105.18.

Alternative scenario

The downside breakout of 104.13 would call for 103.73 and 103.50.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 104.45 and 104.39).

Supports and resistances

105.65 **

105.42 *

105.18 **

104.95

104.47 last

104.28

104.13 **

103.73 *

103.50 **

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