GBP/JPY may rise 76 - 113 pips

Our pivot point is at 203.26.

Our preference

The upside prevails as long as 203.26 is support.

Alternative scenario

Below 203.26, expect 202.65 and 202.28.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 203.66 and 203.45). Finally, the GBP/JPY has crossed above its upper Bollinger band (203.89).

Supports and resistances

205.86 **

205.50 *

205.13 **

204.76

204.00 last

203.50

203.26 **

202.65 *

202.28 **

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