GBP/JPY may rise 124 - 183 pips

Our pivot point stands at 187.24.

Our preference

Our next up target stands at 189.93.

Alternative scenario

The downside breakout of 187.24 would call for 186.25 and 185.66.

Comment

The RSI is above 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 trading above both its 20 and 50 period moving average (respectively at 187.93 and 188.04).

Supports and resistances

191.11 **

190.52 *

189.93 **

189.34

188.10 last

187.63

187.24 **

186.25 *

185.66 **

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