GBP/JPY may rise to 207.06 - 210.37

Our pivot point is at 195.79.

Our preference

The upside prevails as long as 195.79 is support.

Alternative scenario

Below 195.79, expect 190.25 and 186.96.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 196.41 and 193.96).

Supports and resistances

216.97 **

213.67 *

210.37 **

207.06

200.29 last

197.96

195.79 **

190.25 *

186.96 **

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