GBP/JPY may rise 99 - 147 pips

Our pivot point stands at 199.78.

Our preference

As long as 199.78 is support look for 201.92.

Alternative scenario

Below 199.78, expect 198.97 and 198.50.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 200.34 and 200).

Supports and resistances

202.87 **

202.39 *

201.92 **

201.44

200.45 last

200.09

199.78 **

198.97 *

198.50 **

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