Easy if they don't move up and down (this example will only work for characters that move in a straight left or right line) and this doesn't use any timers.
when RIGHT = true (or whatever tells your character to move right).
RULE - if self.positionY=120 (characters height on screen)
interpolate self.positionY to 123 - Linear duration 0.1
RULE - if self.positionY=123
interpolate self.positionY to 120 - Linear duration 0.1
Change the amount and duration for the effect you need..
Or you could do it with "move" using angles under the same rules Stu has pointed out when y = 120, move diagonally down... when y = 100, move diagonally up.... Not sure which is heavier on the processor though...
not sure how good my solution would be for a moving actor, should be fine going along a single Y line, but not for anything else. I only used it to make a fish look like it's bobbing up and down in the water, but the fish was still at that point.
Comments
when RIGHT = true (or whatever tells your character to move right).
RULE - if self.positionY=120 (characters height on screen)
interpolate self.positionY to 123 - Linear
duration 0.1
RULE - if self.positionY=123
interpolate self.positionY to 120 - Linear
duration 0.1
Change the amount and duration for the effect you need..