GBP/JPY may rise 63 - 91 pips

Our pivot point is at 204.65.

Our preference

Rebound.

Alternative scenario

Below 204.65, expect 204.17 and 203.89.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (205) but under its 50 period moving average (205.20).

Supports and resistances

206.60 **

206.32 *

206.03 **

205.75

205.12 last

204.84

204.65 **

204.17 *

203.89 **

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