AUD/JPY may rise 46 - 68 pips

Our pivot point is at 103.98.

Our preference

Our next up target stands at 105.04.

Alternative scenario

The downside breakout of 103.98 would call for 103.62 and 103.40.

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 is trading above both its 20 and 50 period moving average (respectively at 104.19 and 104.32). Finally, the AUD/JPY is trading above its upper Bollinger band (standing at 104.35).

Supports and resistances

105.48 **

105.26 *

105.04 **

104.82

104.36 last

104.13

103.98 **

103.62 *

103.40 **

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