GBP/JPY may rise 74 - 110 pips

Our pivot point stands at 203.06.

Our preference

The upside prevails as long as 203.06 is support.

Alternative scenario

The downside breakout of 203.06 would call for 202.45 and 202.08.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 203.42 and 203.47).

Supports and resistances

205.43 **

205.07 *

204.70 **

204.34

203.60 last

203.30

203.06 **

202.45 *

202.08 **

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