GBP/JPY may rise 98 - 145 pips

Our pivot point is at 201.77.

Our preference

The upside prevails as long as 201.77 is support.

Alternative scenario

The downside breakout of 201.77 would call for 200.99 and 200.53.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 202.26 and 202.05).

Supports and resistances

204.81 **

204.34 *

203.88 **

203.41

202.43 last

202.08

201.77 **

200.99 *

200.53 **

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