GBP/JPY may rise 126 - 184 pips

Our pivot point is at 186.58.

Our preference

Our next up target stands at 189.34.

Alternative scenario

The downside breakout of 186.58 would call for 185.59 and 185.01.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 187.10 and 187.45). Finally, the GBP/JPY is trading above its upper Bollinger band (standing at 187.46).

Supports and resistances

190.52 **

189.93 *

189.34 **

188.76

187.50 last

186.97

186.58 **

185.59 *

185.01 **

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