GBP/JPY may rise 94 - 140 pips

Our pivot point is at 201.15.

Our preference

The upside prevails as long as 201.15 is support.

Alternative scenario

Below 201.15, expect 200.37 and 199.90.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 201.36 and 201.23).

Supports and resistances

204.11 **

203.65 *

203.18 **

202.72

201.78 last

201.46

201.15 **

200.37 *

199.90 **

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