GBP/JPY may rise 79 - 116 pips

Our pivot point is at 202.99.

Our preference

The upside prevails as long as 202.99 is support.

Alternative scenario

Below 202.99, expect 202.38 and 202.01.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 203.36 and 203.48).

Supports and resistances

205.41 **

205.04 *

204.68 **

204.31

203.52 last

203.23

202.99 **

202.38 *

202.01 **

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