GBP/JPY may rise 120 - 179 pips

Our pivot point is at 197.33.

Our preference

As long as 197.33 is support look for 199.91.

Alternative scenario

The downside breakout of 197.33 would call for 196.34 and 195.75.

Comment

The RSI is above 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 198.03 and 197.05).

Supports and resistances

201.09 **

200.50 *

199.91 **

199.32

198.12 last

197.73

197.33 **

196.34 *

195.75 **

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