GBP/JPY may rise 74 - 111 pips

203.05 is our pivot point.

Our preference

As long as 203.05 is support look for 204.69.

Alternative scenario

The downside breakout of 203.05 would call for 202.43 and 202.07.

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 (203.60) but above its 50 period moving average (203.27).

Supports and resistances

205.42 **

205.05 *

204.69 **

204.32

203.58 last

203.29

203.05 **

202.43 *

202.07 **

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