GBP/JPY may rise 100 - 150 pips

Our pivot point stands at 198.45.

Our preference

The upside prevails as long as 198.45 is support.

Alternative scenario

The downside breakout of 198.45 would call for 197.61 and 197.12.

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 198.94 and 198.70).

Supports and resistances

201.65 **

201.15 *

200.66 **

200.16

199.16 last

198.77

198.45 **

197.61 *

197.12 **

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