GBP/JPY may rise 69 - 102 pips

Our pivot point is at 202.70.

Our preference

The upside prevails as long as 202.70 is support.

Alternative scenario

The downside breakout of 202.70 would call for 202.13 and 201.80.

Comment

The RSI is above its neutrality area at 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 203.13 and 203.23).

Supports and resistances

204.93 **

204.60 *

204.26 **

203.93

203.24 last

202.92

202.70 **

202.13 *

201.80 **

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