GBP/JPY may rise 98 - 153 pips

Pivot

204.15

Our preference

Long positions above 204.15 with targets at 206.30 & 206.85 in extension.

Alternative scenario

Below 204.15 look for further downside with 203.50 & 202.80 as targets.

Comment

The RSI calls for a rebound.

Supports and resistances

207.60

206.85

206.30

205.32 Last

204.15

203.50

202.80

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