GBP/JPY may rise 68 - 100 pips

205.53 is our pivot point.

Our preference

As long as 205.53 is support look for 206.98.

Alternative scenario

The downside breakout of 205.53 would call for 204.99 and 204.66.

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 205.94 and 205.55).

Supports and resistances

207.62 **

207.30 *

206.98 **

206.66

205.98 last

205.74

205.53 **

204.99 *

204.66 **

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