GBP/JPY may rise 87 - 130 pips

Our pivot point is at 197.23.

Our preference

As long as 197.23 is support look for 199.10.

Alternative scenario

Below 197.23, expect 196.51 and 196.08.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (197.97) but above its 50 period moving average (197.35).

Supports and resistances

199.96 **

199.53 *

199.10 **

198.67

197.80 last

197.51

197.23 **

196.51 *

196.08 **

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