GBP/JPY may rise 103 - 151 pips

Our pivot point is at 198.76.

Our preference

As long as 198.76 is support look for 201.01.

Alternative scenario

The downside breakout of 198.76 would call for 197.95 and 197.47.

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 pair is trading under its 20 period moving average (199.53) but above its 50 period moving average (199.19).

Supports and resistances

201.97 **

201.49 *

201.01 **

200.53

199.50 last

199.07

198.76 **

197.95 *

197.47 **

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