Aud/jpy

AUD/JPY intraday: the RSI is overbought
Our pivot point stands at 72.88.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 72.93 and 72.85). Finally, the AUD/JPY has crossed above its upper Bollinger band (73.14).
Alternative scenario:
the downside breakout of 72.88 would call for 72.66 and 72.53.
Our preference:
the upside prevails as long as 72.88 is support.