AUD/JPY may rise 44 - 65 pips

Our pivot point stands at 103.46.

Our preference

The upside prevails as long as 103.46 is support.

Alternative scenario

The downside breakout of 103.46 would call for 103.10 and 102.88.

Comment

The RSI is above its neutrality area at 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 103.72 and 103.76).

Supports and resistances

104.86 **

104.65 *

104.43 **

104.22

103.78 last

103.60

103.46 **

103.10 *

102.88 **

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