GBP/JPY may rise 92 - 136 pips

Our pivot point stands at 184.40.

Our preference

The upside prevails as long as 184.40 is support.

Alternative scenario

The downside breakout of 184.40 would call for 183.67 and 183.24.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 183.72 and 183.58).

Supports and resistances

187.40 **

186.97 *

186.54 **

186.10

185.18 last

184.68

184.40 **

183.67 *

183.24 **

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