GBP/JPY may rise 66 - 99 pips

Our pivot point stands at 205.43.

Our preference

As long as 205.43 is support look for 206.98.

Alternative scenario

The downside breakout of 205.43 would call for 204.89 and 204.57.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 205.83 and 205.36).

Supports and resistances

207.62 **

207.30 *

206.98 **

206.65

205.99 last

205.64

205.43 **

204.89 *

204.57 **

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