GBP/JPY may rise 58 - 87 pips

Intraday: the upside prevails as long as 205.29 is support

Our pivot point is at 205.29.

Our preference

The upside prevails as long as 205.29 is support.

Alternative scenario

The downside breakout of 205.29 would call for 204.81 and 204.52.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 205.35 and 205.11).

Supports and resistances

207.15 **

206.87 *

206.58 **

206.29

205.71 last

205.48

205.29 **

204.81 *

204.52 **

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

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