GBP/JPY may rise 102 - 150 pips

Our pivot point is at 198.28.

Our preference

Rebound towards 200.46.

Alternative scenario

The downside breakout of 198.28 would call for 197.47 and 196.99.

Comment

The RSI is below 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 198.96 and 199.15).

Supports and resistances

201.42 **

200.94 *

200.46 **

199.98

198.96 last

198.59

198.28 **

197.47 *

196.99 **

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