GBP/JPY may rise 101 - 146 pips

Our pivot point stands at 192.82.

Our preference

Rebound towards 195.12.

Alternative scenario

The downside breakout of 192.82 would call for 192.06 and 191.60.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (193.12) but below its 50 period moving average (194.90).

Supports and resistances

196.03 **

195.57 *

195.12 **

194.67

193.66 last

193.11

192.82 **

192.06 *

191.60 **

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