AUD/JPY may fall 53 - 78 pips

Our pivot point is at 103.94.

Our preference

The downside prevails as long as 103.94 is resistance.

Alternative scenario

Above 103.94, look for 104.36 and 104.62.

Comment

The RSI is below its neutrality area at 50. 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 103.73 and 103.75).

Supports and resistances

104.62 **

104.36 *

103.94 **

103.78

103.57 last

103.04

102.79 **

102.54 *

102.29 **

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