GBP/JPY may rise 95 - 141 pips

Our pivot point stands at 201.27.

Our preference

As long as 201.27 is support look for 203.39.

Alternative scenario

The downside breakout of 201.27 would call for 200.48 and 200.02.

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 trading above both its 20 and 50 period moving average (respectively at 201.92 and 201.47).

Supports and resistances

204.32 **

203.86 *

203.39 **

202.93

201.98 last

201.57

201.27 **

200.48 *

200.02 **

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