GBP/JPY may rise 90 - 133 pips

Our pivot point stands at 196.95.

Our preference

As long as 196.95 is support look for 199.07.

Alternative scenario

The downside breakout of 196.95 would call for 196.23 and 195.80.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (197.82) but above its 50 period moving average (197.31).

Supports and resistances

199.93 **

199.50 *

199.07 **

198.64

197.74 last

197.23

196.95 **

196.23 *

195.80 **

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