GBP/JPY may rise 89 - 132 pips

Our pivot point is at 199.22.

Our preference

Rebound.

Alternative scenario

The downside breakout of 199.22 would call for 198.49 and 198.05.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (199.52) but under its 50 period moving average (200.11).

Supports and resistances

202.03 **

201.59 *

201.15 **

200.72

199.83 last

199.51

199.22 **

198.49 *

198.05 **

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