AUD/JPY may fall 54 - 79 pips

Our pivot point stands at 103.35.

Our preference

The downside prevails as long as 103.35 is resistance.

Alternative scenario

Above 103.35, look for 103.77 and 104.02.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 103.98 and 104.20).

Supports and resistances

104.02 **

103.77 *

103.35 **

103.18

102.86 last

102.32

102.07 **

101.82 *

101.57 **

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