GBP/JPY may rise 91 - 135 pips

200.68 is our pivot point.

Our preference

The upside prevails as long as 200.68 is support.

Alternative scenario

Below 200.68, expect 199.94 and 199.50.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 200.61 and 200.63). Finally, the GBP/JPY is trading above its upper Bollinger band (standing at 201.34).

Supports and resistances

203.57 **

203.13 *

202.69 **

202.25

201.34 last

200.97

200.68 **

199.94 *

199.50 **

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