GBP/JPY may rise 137 - 204 pips

Our pivot point is at 187.56.

Our preference

As long as 187.56 is support look for 190.79.

Alternative scenario

The downside breakout of 187.56 would call for 186.43 and 185.76.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (188.84) but above its 50 period moving average (188.41).

Supports and resistances

192.14 **

191.47 *

190.79 **

190.12

188.75 last

188.00

187.56 **

186.43 *

185.76 **

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