GBP/JPY may rise 106 - 154 pips

Our pivot point stands at 198.53.

Our preference

Rebound towards 200.70.

Alternative scenario

The downside breakout of 198.53 would call for 197.72 and 197.24.

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 stands above its 20 period moving average (199.12) but below its 50 period moving average (199.33).

Supports and resistances

201.66 **

201.18 *

200.70 **

200.22

199.16 last

198.84

198.53 **

197.72 *

197.24 **

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