GBP/JPY may rise 138 - 197 pips

Our pivot point stands at 186.85.

Our preference

As long as 186.85 is support look for 189.64.

Alternative scenario

Below 186.85, expect 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 below its 20 period moving average (187.75) but above its 50 period moving average (187.36).

Supports and resistances

190.82 **

190.23 *

189.64 **

189.05

187.67 last

187.24

186.85 **

185.86 *

185.27 **

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