GBP/JPY may rise 62 - 91 pips

Our pivot point stands at 207.32.

Our preference

As long as 207.32 is support look for 208.75.

Alternative scenario

Below 207.32, expect 206.83 and 206.54.

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 below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 207.69 and 207.19). Finally, the GBP/JPY is trading above its upper Bollinger band (standing at 207.82).

Supports and resistances

209.33 **

209.04 *

208.75 **

208.46

207.84 last

207.51

207.32 **

206.83 *

206.54 **

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