GBP/JPY may rise 101 - 149 pips

199.88 is our pivot point.

Our preference

Look for a drop towards 199.88 before a bounce.

Alternative scenario

Below 199.88, expect 199.08 and 198.60.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the pair is trading under its 20 period moving average (200.54) but above its 50 period moving average (200.52).

Supports and resistances

202.97 **

202.49 *

202.02 **

201.54

200.53 last

200.20

199.88 **

199.08 *

198.60 **

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