GBP/JPY may rise 95 - 142 pips

200.48 is our pivot point.

Our preference

The upside prevails as long as 200.48 is support.

Alternative scenario

The downside breakout of 200.48 would call for 199.70 and 199.24.

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 201 and 200.96). Finally, the GBP/JPY is trading above its upper Bollinger band (standing at 201.16).

Supports and resistances

203.60 **

203.13 *

202.67 **

202.20

201.25 last

200.79

200.48 **

199.70 *

199.24 **

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