GBP/JPY may rise 100 - 143 pips

Our pivot point stands at 197.76.

Our preference

The upside prevails as long as 197.76 is support.

Alternative scenario

Below 197.76, expect 197.04 and 196.61.

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 197.93 and 197.73).

Supports and resistances

200.72 **

200.29 *

199.86 **

199.43

198.43 last

198.05

197.76 **

197.04 *

196.61 **

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