GBP/JPY may rise 107 - 155 pips

Our pivot point is at 199.45.

Our preference

The upside prevails as long as 199.45 is support.

Alternative scenario

Below 199.45, expect 198.65 and 198.18.

Comment

The RSI is above its neutrality area at 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 199.60 and 199.58).

Supports and resistances

202.64 **

202.17 *

201.69 **

201.21

200.14 last

199.77

199.45 **

198.65 *

198.18 **

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