GBP/JPY may rise 67 - 99 pips

Our pivot point is at 204.99.

Our preference

Rebound.

Alternative scenario

The downside breakout of 204.99 would call for 204.46 and 204.14.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (205.34) but below its 50 period moving average (205.51).

Supports and resistances

207.11 **

206.79 *

206.47 **

206.15

205.48 last

205.21

204.99 **

204.46 *

204.14 **

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