GBP/JPY may rise 63 - 91 pips

204.69 is our pivot point.

Our preference

Rebound towards 206.02.

Alternative scenario

The downside breakout of 204.69 would call for 204.21 and 203.93.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 205.39 and 206.85).

Supports and resistances

206.59 **

206.31 *

206.02 **

205.74

205.11 last

204.88

204.69 **

204.21 *

203.93 **

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