AUD/JPY may rise 47 - 68 pips

103.73 is our pivot point.

Our preference

Look for a drop towards 103.73 before a bounce.

Alternative scenario

Below 103.73, expect 103.37 and 103.15.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 104.26 and 104.16).

Supports and resistances

105.38 **

105.16 *

104.94 **

104.73

104.26 last

103.87

103.73 **

103.37 *

103.15 **

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