GBP/JPY may rise 78 - 115 pips

202.85 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 202.85 would call for 202.23 and 201.87.

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 call for further upside. Moreover, the price is trading above its 20 period moving average (203.02) but under its 50 period moving average (203.72).

Supports and resistances

205.28 **

204.91 *

204.55 **

204.18

203.40 last

203.09

202.85 **

202.23 *

201.87 **

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