GBP/JPY may rise 139 - 207 pips

Our pivot point stands at 190.69.

Our preference

As long as 190.69 is support look for 193.70.

Alternative scenario

Below 190.69, expect 189.54 and 188.86.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 190.95 and 189.82).

Supports and resistances

195.06 **

194.38 *

193.70 **

193.02

191.63 last

191.14

190.69 **

189.54 *

188.86 **

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