GBP/JPY may rise 99 - 145 pips

Our pivot point stands at 200.55.

Our preference

The upside prevails as long as 200.55 is support.

Alternative scenario

The downside breakout of 200.55 would call for 199.77 and 199.31.

Comment

The RSI is above its neutrality area at 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 201.14 and 201.06).

Supports and resistances

203.56 **

203.09 *

202.63 **

202.17

201.18 last

200.86

200.55 **

199.77 *

199.31 **

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