GBP/JPY may rise 97 - 144 pips

Our pivot point stands at 197.02.

Our preference

Rebound towards 199.20.

Alternative scenario

The downside breakout of 197.02 would call for 196.22 and 195.75.

Comment

The RSI is below its neutrality area at 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 197.84 and 199.02).

Supports and resistances

200.15 **

199.68 *

199.20 **

198.73

197.76 last

197.34

197.02 **

196.22 *

195.75 **

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