GBP/JPY may rise 91 - 134 pips

Our pivot point stands at 198.00.

Our preference

Rebound towards 199.93.

Alternative scenario

Below 198, expect 197.28 and 196.85.

Comment

The RSI is below 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 198.87 and 199.74).

Supports and resistances

200.80 **

200.36 *

199.93 **

199.50

198.59 last

198.29

198.00 **

197.28 *

196.85 **

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