GBP/JPY may rise 97 - 145 pips

Our pivot point is at 198.80.

Our preference

As long as 198.80 is support look for 200.95.

Alternative scenario

Below 198.80, expect 197.99 and 197.51.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 199.46 and 198.72).

Supports and resistances

201.91 **

201.43 *

200.95 **

200.47

199.50 last

199.11

198.80 **

197.99 *

197.51 **

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