GBP/JPY may rise 101 - 149 pips

Our pivot point stands at 198.92.

Our preference

The upside prevails as long as 198.92 is support.

Alternative scenario

The downside breakout of 198.92 would call for 198.12 and 197.64.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 199.42 and 199.19).

Supports and resistances

202.08 **

201.60 *

201.12 **

200.64

199.63 last

199.24

198.92 **

198.12 *

197.64 **

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