AUD/JPY may fall 51 - 76 pips

Our pivot point stands at 103.65.

Our preference

The downside prevails as long as 103.65 is resistance.

Alternative scenario

The upside breakout of 103.65, would call for 104.07 and 104.32.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 103.44 and 103.36).

Supports and resistances

104.32 **

104.07 *

103.65 **

103.48

103.31 last

102.80

102.55 **

102.30 *

102.05 **

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