GBP/JPY may rise 171 - 230 pips

Our pivot point stands at 185.07.

Our preference

The upside prevails as long as 185.07 is support.

Alternative scenario

The downside breakout of 185.07 would call for 184.09 and 183.51.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 184.07 and 184.47). Finally, the GBP/JPY is trading above its upper Bollinger band (standing at 185.79).

Supports and resistances

189.59 **

189.01 *

188.42 **

187.83

186.12 last

185.46

185.07 **

184.09 *

183.51 **

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