GBP/JPY may rise 66 - 100 pips

Our pivot point is at 202.16.

Our preference

As long as 202.16 is support look for 203.72.

Alternative scenario

The downside breakout of 202.16 would call for 201.60 and 201.26.

Comment

The RSI is above 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 202.69 and 202.57).

Supports and resistances

204.39 **

204.05 *

203.72 **

203.38

202.72 last

202.38

202.16 **

201.60 *

201.26 **

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