GBP/JPY may rise 89 - 133 pips

Our pivot point is at 199.81.

Our preference

As long as 199.81 is support look for 201.77.

Alternative scenario

The downside breakout of 199.81 would call for 199.08 and 198.64.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 200.32 and 199.96).

Supports and resistances

202.64 **

202.20 *

201.77 **

201.33

200.44 last

200.10

199.81 **

199.08 *

198.64 **

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