GBP/JPY may rise 62 - 90 pips

Our pivot point stands at 204.57.

Our preference

Our next up target stands at 205.89.

Alternative scenario

The downside breakout of 204.57 would call for 204.09 and 203.81.

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 both its 20 and 50 period moving average (respectively at 204.91 and 204.99).

Supports and resistances

206.47 **

206.18 *

205.89 **

205.61

204.99 last

204.76

204.57 **

204.09 *

203.81 **

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