GBP/JPY may rise 131 - 189 pips

Our pivot point stands at 186.41.

Our preference

The upside prevails as long as 186.41 is support.

Alternative scenario

The downside breakout of 186.41 would call for 185.43 and 184.84.

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 186.03 and 186.08).

Supports and resistances

190.34 **

189.75 *

189.16 **

188.58

187.27 last

186.80

186.41 **

185.43 *

184.84 **

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