GBP/JPY may rise 88 - 132 pips

Our pivot point is at 199.62.

Our preference

The upside prevails as long as 199.62 is support.

Alternative scenario

The downside breakout of 199.62 would call for 198.88 and 198.45.

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 above its 20 and 50 period moving average (respectively at 200.14 and 200.14). Finally, the GBP/JPY has crossed above its upper Bollinger band (200.23).

Supports and resistances

202.44 **

202.00 *

201.56 **

201.12

200.24 last

199.91

199.62 **

198.88 *

198.45 **

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