GBP/JPY may rise 88 - 132 pips

Our pivot point stands at 187.05.

Our preference

Rebound towards 188.95.

Alternative scenario

The downside breakout of 187.05 would call for 186.32 and 185.88.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 188.21 and 189.24).

Supports and resistances

189.82 **

189.39 *

188.95 **

188.51

187.63 last

187.34

187.05 **

186.32 *

185.88 **

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