AUD/JPY may rise to 109.28 - 110.72

Our pivot point stands at 104.02.

Our preference

The upside prevails as long as 104.02 is support.

Alternative scenario

Below 104.02, expect 101.61 and 100.17.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 104.46 and 102.49). Finally, the AUD/JPY is trading above its upper Bollinger band (standing at 106.24).

Supports and resistances

113.61 **

112.17 *

110.72 **

109.28

106.36 last

104.97

104.02 **

101.61 *

100.17 **

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