GBP/JPY may rise 94 - 140 pips

200.58 is our pivot point.

Our preference

As long as 200.58 is support look for 202.60.

Alternative scenario

The downside breakout of 200.58 would call for 199.80 and 199.33.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 201.20 and 201.14).

Supports and resistances

203.53 **

203.06 *

202.60 **

202.14

201.20 last

200.88

200.58 **

199.80 *

199.33 **

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