GBP/JPY may rise 88 - 131 pips

Our pivot point is at 197.32.

Our preference

As long as 197.32 is support look for 199.39.

Alternative scenario

The downside breakout of 197.32 would call for 196.60 and 196.17.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 198.01 and 197.73).

Supports and resistances

200.25 **

199.82 *

199.39 **

198.96

198.08 last

197.61

197.32 **

196.60 *

196.17 **

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