GBP/JPY may rise 92 - 136 pips

Our pivot point stands at 199.77.

Our preference

Rebound towards 201.78.

Alternative scenario

The downside breakout of 199.77 would call for 199.03 and 198.59.

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 200.45 and 200.62).

Supports and resistances

202.65 **

202.21 *

201.78 **

201.34

200.42 last

200.06

199.77 **

199.03 *

198.59 **

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