GBP/JPY may rise 115 - 160 pips

Our pivot point stands at 191.80.

Our preference

Rebound towards 194.15.

Alternative scenario

The downside breakout of 191.80 would call for 191.04 and 190.59.

Comment

The RSI is below 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 193.05 and 194.60).

Supports and resistances

195.05 **

194.60 *

194.15 **

193.70

192.55 last

192.09

191.80 **

191.04 *

190.59 **

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