GBP/JPY may rise 122 - 180 pips

Our pivot point is at 184.17.

Our preference

Rebound towards 187.18.

Alternative scenario

Below 184.17, expect 183.19 and 182.61.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 185.59 and 186.23).

Supports and resistances

188.34 **

187.76 *

187.18 **

186.60

185.38 last

184.55

184.17 **

183.19 *

182.61 **

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