GBP/JPY may rise 66 - 94 pips

205.73 is our pivot point.

Our preference

The upside prevails as long as 205.73 is support.

Alternative scenario

The downside breakout of 205.73 would call for 205.25 and 204.96.

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 205.65 and 205.60). Finally, the GBP/JPY has crossed above its upper Bollinger band (206.20).

Supports and resistances

207.76 **

207.47 *

207.18 **

206.90

206.24 last

205.92

205.73 **

205.25 *

204.96 **

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