GBP/JPY may rise 86 - 123 pips

Our pivot point stands at 202.62.

Our preference

Rebound towards 204.36.

Alternative scenario

The downside breakout of 202.62 would call for 202 and 201.64.

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 is trading above its 20 period moving average (203.12) but under its 50 period moving average (203.30).

Supports and resistances

205.09 **

204.72 *

204.36 **

203.99

203.13 last

202.86

202.62 **

202.00 *

201.64 **

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