GBP/JPY may rise 74 - 108 pips

Our pivot point is at 203.76.

Our preference

As long as 203.76 is support look for 205.30.

Alternative scenario

Below 203.76, expect 203.19 and 202.85.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 204.19 and 204.16).

Supports and resistances

205.97 **

205.64 *

205.30 **

204.96

204.22 last

203.98

203.76 **

203.19 *

202.85 **

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