GBP/JPY may rise 99 - 146 pips

Our pivot point is at 201.15.

Our preference

As long as 201.15 is support look for 203.25.

Alternative scenario

The downside breakout of 201.15 would call for 200.37 and 199.90.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (201.87) but above its 50 period moving average (201.43).

Supports and resistances

204.18 **

203.71 *

203.25 **

202.78

201.79 last

201.45

201.15 **

200.37 *

199.90 **

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