AUD/JPY may rise 47 - 69 pips

Our pivot point stands at 103.90.

Our preference

Rebound towards 104.90.

Alternative scenario

The downside breakout of 103.90 would call for 103.53 and 103.32.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (104.17) but below its 50 period moving average (104.35).

Supports and resistances

105.33 **

105.12 *

104.90 **

104.68

104.21 last

104.04

103.90 **

103.53 *

103.32 **

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