AUD/JPY may rise 54 - 80 pips

Our pivot point stands at 103.32.

Our preference

As long as 103.32 is support look for 104.50.

Alternative scenario

The downside breakout of 103.32 would call for 102.90 and 102.65.

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 trading above both its 20 and 50 period moving average (respectively at 103.63 and 103.21).

Supports and resistances

105.00 **

104.75 *

104.50 **

104.24

103.70 last

103.49

103.32 **

102.90 *

102.65 **

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