GBP/JPY may rise 95 - 143 pips

198.81 is our pivot point.

Our preference

Our next up target stands at 201.09.

Alternative scenario

Below 198.81, expect 198.02 and 197.54.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 199.51 and 199.52).

Supports and resistances

202.04 **

201.56 *

201.09 **

200.61

199.66 last

199.13

198.81 **

198.02 *

197.54 **

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