AUD/JPY may fall 52 - 78 pips

Our pivot point is at 104.14.

Our preference

Under pressure below 104.14.

Alternative scenario

The upside breakout of 104.14, would call for 104.56 and 104.81.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 103.78 and 103.78).

Supports and resistances

104.81 **

104.56 *

104.14 **

103.97

103.73 last

103.21

102.95 **

102.70 *

102.45 **

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