GBP/JPY may rise 58 - 87 pips

Our pivot point stands at 206.48.

Our preference

The upside prevails as long as 206.48 is support.

Alternative scenario

Below 206.48, expect 205.99 and 205.71.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 206.65 and 206.44).

Supports and resistances

208.37 **

208.08 *

207.79 **

207.50

206.92 last

206.67

206.48 **

205.99 *

205.71 **

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