GBP/JPY may rise 70 - 104 pips

Our pivot point stands at 203.56.

Our preference

As long as 203.56 is support look for 205.14.

Alternative scenario

Below 203.56, expect 203 and 202.66.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 203.92 and 203.50).

Supports and resistances

205.81 **

205.47 *

205.14 **

204.80

204.10 last

203.78

203.56 **

203.00 *

202.66 **

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