GBP/JPY may rise 99 - 147 pips

199.31 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 199.31 would call for 198.51 and 198.03.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (199.63) but below its 50 period moving average (200.01).

Supports and resistances

202.39 **

201.91 *

201.44 **

200.96

199.97 last

199.62

199.31 **

198.51 *

198.03 **

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