AUD/JPY may rise 50 - 75 pips

Our pivot point is at 103.18.

Our preference

The upside prevails as long as 103.18 is support.

Alternative scenario

The downside breakout of 103.18 would call for 102.76 and 102.51.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 103.24 and 103.44). Finally, the AUD/JPY has crossed above its upper Bollinger band (103.50).

Supports and resistances

104.78 **

104.53 *

104.28 **

104.03

103.53 last

103.35

103.18 **

102.76 *

102.51 **

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