GBP/JPY may rise 96 - 144 pips

Our pivot point stands at 198.60.

Our preference

As long as 198.60 is support look for 200.85.

Alternative scenario

The downside breakout of 198.60 would call for 197.79 and 197.31.

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 199.32 and 199.13).

Supports and resistances

201.81 **

201.33 *

200.85 **

200.37

199.41 last

198.91

198.60 **

197.79 *

197.31 **

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