GBP/JPY may rise 96 - 142 pips

Our pivot point is at 200.29.

Our preference

As long as 200.29 is support look for 202.39.

Alternative scenario

The downside breakout of 200.29 would call for 199.52 and 199.05.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 200.94 and 200.85).

Supports and resistances

203.32 **

202.85 *

202.39 **

201.93

200.97 last

200.60

200.29 **

199.52 *

199.05 **

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