GBP/JPY may rise 147 - 215 pips

Our pivot point stands at 190.70.

Our preference

As long as 190.70 is support look for 193.81.

Alternative scenario

The downside breakout of 190.70 would call for 189.55 and 188.87.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (191.73) but above its 50 period moving average (190.57).

Supports and resistances

195.18 **

194.49 *

193.81 **

193.13

191.66 last

191.15

190.70 **

189.55 *

188.87 **

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