GBP/JPY may rise 119 - 178 pips

Our pivot point is at 186.85.

Our preference

As long as 186.85 is support look for 189.44.

Alternative scenario

The downside breakout of 186.85 would call for 185.86 and 185.27.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 187.54 and 186.39).

Supports and resistances

190.62 **

190.03 *

189.44 **

188.85

187.66 last

187.23

186.85 **

185.86 *

185.27 **

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