GBP/JPY may rise 96 - 139 pips

Our pivot point stands at 197.23.

Our preference

As long as 197.23 is support look for 199.23.

Alternative scenario

Below 197.23, expect 196.51 and 196.08.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 197.76 and 197.37).

Supports and resistances

200.09 **

199.66 *

199.23 **

198.80

197.84 last

197.51

197.23 **

196.51 *

196.08 **

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