GBP/JPY may rise 77 - 114 pips

Our pivot point stands at 204.85.

Our preference

As long as 204.85 is support look for 206.56.

Alternative scenario

The downside breakout of 204.85 would call for 204.23 and 203.86.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (205.54) but above its 50 period moving average (205.20).

Supports and resistances

207.30 **

206.93 *

206.56 **

206.19

205.42 last

205.10

204.85 **

204.23 *

203.86 **

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