Forex

AUD/JPY may rise 42 - 63 pips

2024-06-26

Our pivot point stands at 106.35.

Our preference

As long as 106.35 is support look for 107.32.

Alternative scenario

The downside breakout of 106.35 would call for 106 and 105.79.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (106.71) but above its 50 period moving average (106.34).

Supports and resistances

107.73 **

107.53 *

107.32 **

107.11

106.69 last

106.49

106.35 **

106.00 *

105.79 **

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

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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