GBP/JPY may rise 59 - 88 pips

207.23 is our pivot point.

Our preference

As long as 207.23 is support look for 208.51.

Alternative scenario

The downside breakout of 207.23 would call for 206.74 and 206.45.

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 pair is trading under its 20 period moving average (207.64) but above its 50 period moving average (207.03).

Supports and resistances

209.09 **

208.80 *

208.51 **

208.22

207.63 last

207.42

207.23 **

206.74 *

206.45 **

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