GBP/JPY may rise 67 - 99 pips

204.40 is our pivot point.

Our preference

As long as 204.40 is support look for 205.83.

Alternative scenario

The downside breakout of 204.40 would call for 203.86 and 203.54.

Comment

The RSI is above its neutrality area at 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 204.75 and 204.45).

Supports and resistances

206.47 **

206.15 *

205.83 **

205.51

204.84 last

204.61

204.40 **

203.86 *

203.54 **

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