GBP/JPY may rise 105 - 148 pips

Our pivot point stands at 197.13.

Our preference

The upside prevails as long as 197.13 is support.

Alternative scenario

Below 197.13, expect 196.41 and 195.98.

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 197.55 and 197.43).

Supports and resistances

200.13 **

199.70 *

199.27 **

198.84

197.79 last

197.42

197.13 **

196.41 *

195.98 **

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