GBP/JPY may rise 93 - 137 pips

Our pivot point stands at 199.06.

Our preference

Rebound towards 201.12.

Alternative scenario

The downside breakout of 199.06 would call for 198.33 and 197.90.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (199.74) but below its 50 period moving average (200.59).

Supports and resistances

201.98 **

201.55 *

201.12 **

200.68

199.75 last

199.35

199.06 **

198.33 *

197.90 **

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