GBP/JPY may rise 96 - 143 pips

Our pivot point is at 199.73.

Our preference

The upside prevails as long as 199.73 is support.

Alternative scenario

The downside breakout of 199.73 would call for 198.93 and 198.46.

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 200.07 and 199.80). Finally, the GBP/JPY is trading above its upper Bollinger band (standing at 200.44).

Supports and resistances

202.84 **

202.36 *

201.88 **

201.41

200.45 last

200.05

199.73 **

198.93 *

198.46 **

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