GBP/JPY may rise 91 - 128 pips

Our pivot point stands at 202.29.

Our preference

Rebound towards 204.08.

Alternative scenario

The downside breakout of 202.29 would call for 201.68 and 201.31.

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 under both its 20 and 50 period moving average (respectively at 202.92 and 203.21).

Supports and resistances

204.81 **

204.44 *

204.08 **

203.71

202.80 last

202.53

202.29 **

201.68 *

201.31 **

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