GBP/JPY may rise 92 - 135 pips

199.96 is our pivot point.

Our preference

The upside prevails as long as 199.96 is support.

Alternative scenario

The downside breakout of 199.96 would call for 199.23 and 198.79.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 200.39 and 200.58).

Supports and resistances

202.90 **

202.46 *

202.02 **

201.59

200.67 last

200.25

199.96 **

199.23 *

198.79 **

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