GBP/JPY may rise 101 - 148 pips

Our pivot point stands at 201.28.

Our preference

The upside prevails as long as 201.28 is support.

Alternative scenario

The downside breakout of 201.28 would call for 200.49 and 200.03.

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 trading above both its 20 and 50 period moving average (respectively at 201.63 and 201.31).

Supports and resistances

204.34 **

203.87 *

203.41 **

202.94

201.93 last

201.58

201.28 **

200.49 *

200.03 **

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