
Alternative scenario: below 129.76, expect 129.18 and 128.84.
Our pivot point is at 129.76.
Our preference: the upside prevails as long as 129.76 is support.
Alternative scenario: the downside breakout of 129.76 would call for 129.18 and 128.84.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 129.26 and 129.25). Finally, the GBP/JPY has crossed above its upper Bollinger band (130.09).
Supports and resistances:
132.42 **
132.08 *
131.73 **
131.39
130.40 last
129.99
129.76 **
129.18 *
128.84 **