GBP/JPY may rise 70 - 103 pips

Our pivot point stands at 202.85.

Our preference

As long as 202.85 is support look for 204.40.

Alternative scenario

The downside breakout of 202.85 would call for 202.28 and 201.95.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 203.26 and 203.09).

Supports and resistances

205.07 **

204.74 *

204.40 **

204.07

203.37 last

203.07

202.85 **

202.28 *

201.95 **

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