GBP/JPY may rise 77 - 114 pips

Our pivot point stands at 202.58.

Our preference

The upside prevails as long as 202.58 is support.

Alternative scenario

The downside breakout of 202.58 would call for 201.97 and 201.60.

Comment

The RSI is above 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 202.92 and 202.96).

Supports and resistances

204.97 **

204.60 *

204.24 **

203.87

203.10 last

202.82

202.58 **

201.97 *

201.60 **

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