GBP/JPY may rise 94 - 139 pips

Our pivot point is at 189.55.

Our preference

Rebound towards 191.65.

Alternative scenario

The downside breakout of 189.55 would call for 188.81 and 188.36.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (190.21) but under its 50 period moving average (191.21).

Supports and resistances

192.54 **

192.09 *

191.65 **

191.20

190.26 last

189.85

189.55 **

188.81 *

188.36 **

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