GBP/JPY may rise 73 - 105 pips

Our pivot point stands at 205.92.

Our preference

The upside prevails as long as 205.92 is support.

Alternative scenario

The downside breakout of 205.92 would call for 205.38 and 205.06.

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 above its 20 and 50 period moving average (respectively at 205.88 and 205.86).

Supports and resistances

208.06 **

207.74 *

207.42 **

207.10

206.37 last

206.13

205.92 **

205.38 *

205.06 **

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