GBP/JPY may rise 70 - 102 pips

204.34 is our pivot point.

Our preference

The upside prevails as long as 204.34 is support.

Alternative scenario

The downside breakout of 204.34 would call for 203.80 and 203.48.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 204.65 and 204.38).

Supports and resistances

206.46 **

206.14 *

205.82 **

205.50

204.80 last

204.55

204.34 **

203.80 *

203.48 **

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