GBP/JPY may rise 146 - 214 pips

Our pivot point is at 189.30.

Our preference

Rebound.

Alternative scenario

Below 189.30, expect 188.16 and 187.48.

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 trading above its 20 period moving average (189.51) but under its 50 period moving average (190.30).

Supports and resistances

193.77 **

193.09 *

192.41 **

191.73

190.27 last

189.75

189.30 **

188.16 *

187.48 **

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