GBP/JPY may rise 99 - 147 pips

Our pivot point is at 198.97.

Our preference

Rise to 201.07.

Alternative scenario

The downside breakout of 198.97 would call for 198.17 and 197.70.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the pair is trading under its 20 period moving average (199.62) but above its 50 period moving average (199.58).

Supports and resistances

202.02 **

201.54 *

201.07 **

200.59

199.60 last

199.28

198.97 **

198.17 *

197.70 **

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