GBP/JPY may rise 65 - 97 pips

Our pivot point is at 205.30.

Our preference

The upside prevails as long as 205.30 is support.

Alternative scenario

Below 205.30, expect 204.76 and 204.44.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 205.66 and 205.69).

Supports and resistances

207.34 **

207.02 *

206.70 **

206.38

205.73 last

205.51

205.30 **

204.76 *

204.44 **

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