GBP/JPY may rise 124 - 183 pips

Our pivot point stands at 195.97.

Our preference

Rebound towards 198.66.

Alternative scenario

The downside breakout of 195.97 would call for 194.98 and 194.39.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 196.87 and 197).

Supports and resistances

199.84 **

199.25 *

198.66 **

198.07

196.83 last

196.35

195.97 **

194.98 *

194.39 **

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