GBP/JPY may rise 94 - 141 pips

Our pivot point is at 199.90.

Our preference

As long as 199.90 is support look for 201.97.

Alternative scenario

Below 199.90, expect 199.12 and 198.66.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (200.59) but above its 50 period moving average (200.50).

Supports and resistances

202.89 **

202.43 *

201.97 **

201.50

200.56 last

200.20

199.90 **

199.12 *

198.66 **

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