GBP/JPY may rise to 208.80 - 211.01

Our pivot point is at 200.96.

Our preference

The upside prevails as long as 200.96 is support.

Alternative scenario

Below 200.96, expect 197.26 and 195.05.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 201.01 and 197.37).

Supports and resistances

215.43 **

213.22 *

211.01 **

208.80

204.12 last

202.42

200.96 **

197.26 *

195.05 **

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