GBP/JPY intraday: as long as 207.59 is support look for 208.97
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Our pivot point stands at 207.59.
Our preference: as long as 207.59 is support look for 208.97.
Alternative scenario: below 207.59, expect 207.11 and 206.82.
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 positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 207.89 and 207.62).
Supports and resistances:
209.55 **
209.26 *
208.97 **
208.68
208.07 last
207.78
207.59 **
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