GBP/JPY may rise 83 - 119 pips

202.81 is our pivot point.

Our preference

Rebound towards 204.51.

Alternative scenario

The downside breakout of 202.81 would call for 202.19 and 201.83.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 203.34 and 203.47).

Supports and resistances

205.24 **

204.88 *

204.51 **

204.15

203.32 last

203.05

202.81 **

202.19 *

201.83 **

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