GBP/JPY may rise 136 - 204 pips

189.55 is our pivot point.

Our preference

The upside prevails as long as 189.55 is support.

Alternative scenario

Below 189.55, expect 188.41 and 187.73.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 190.30 and 190.07).

Supports and resistances

193.86 **

193.18 *

192.51 **

191.83

190.47 last

190.00

189.55 **

188.41 *

187.73 **

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