GBP/JPY may rise 128 - 186 pips

Our pivot point stands at 183.36.

Our preference

Rebound towards 186.09.

Alternative scenario

The downside breakout of 183.36 would call for 182.39 and 181.81.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (184.03) but below its 50 period moving average (184.64).

Supports and resistances

187.24 **

186.67 *

186.09 **

185.51

184.23 last

183.74

183.36 **

182.39 *

181.81 **

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