GBP/JPY may rise to 201.96 - 206.98

Our pivot point is at 183.96.

Our preference

Rebound towards 206.98.

Alternative scenario

The downside breakout of 183.96 would call for 175.58 and 170.60.

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 stands above its 20 period moving average (190.88) but below its 50 period moving average (197.91).

Supports and resistances

217.02 **

212.00 *

206.98 **

201.96

191.77 last

187.25

183.96 **

175.58 *

170.60 **

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