AUD/JPY may rise 50 - 74 pips

Our pivot point is at 104.95.

Our preference

As long as 104.95 is support look for 106.07.

Alternative scenario

Below 104.95, expect 104.54 and 104.30.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 105.22 and 105.03).

Supports and resistances

106.55 **

106.31 *

106.07 **

105.83

105.33 last

105.10

104.95 **

104.54 *

104.30 **

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