GBP/JPY may rise 104 - 147 pips

Our pivot point is at 184.95.

Our preference

The upside prevails as long as 184.95 is support.

Alternative scenario

Below 184.95, expect 184.22 and 183.78.

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 185.06 and 183.54).

Supports and resistances

188.08 **

187.65 *

187.21 **

186.78

185.74 last

185.23

184.95 **

184.22 *

183.78 **

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