GBP/JPY may rise 124 - 183 pips

Our pivot point is at 196.14.

Our preference

Rebound towards 198.82.

Alternative scenario

The downside breakout of 196.14 would call for 195.15 and 194.56.

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 below its 20 and 50 period moving average (respectively at 197.03 and 197.41).

Supports and resistances

200.00 **

199.41 *

198.82 **

198.23

196.99 last

196.53

196.14 **

195.15 *

194.56 **

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