GBP/JPY may rise 112 - 156 pips

Our pivot point stands at 198.92.

Our preference

Rebound towards 201.07.

Alternative scenario

Below 198.92, expect 198.19 and 197.75.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 199.64 and 199.59).

Supports and resistances

201.94 **

201.50 *

201.07 **

200.63

199.51 last

199.21

198.92 **

198.19 *

197.75 **

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