AUD/JPY may rise 52 - 77 pips

Our pivot point stands at 102.99.

Our preference

Rebound.

Alternative scenario

The downside breakout of 102.99 would call for 102.57 and 102.32.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (103.19) but below its 50 period moving average (103.46). Finally, the AUD/JPY has crossed above its upper Bollinger band (103.33).

Supports and resistances

104.61 **

104.36 *

104.11 **

103.86

103.34 last

103.16

102.99 **

102.57 *

102.32 **

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