GBP/JPY may rise 154 - 221 pips

Our pivot point is at 189.07.

Our preference

As long as 189.07 is support look for 192.47.

Alternative scenario

The downside breakout of 189.07 would call for 187.93 and 187.25.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (190.35) but above its 50 period moving average (189.93).

Supports and resistances

193.83 **

193.15 *

192.47 **

191.80

190.26 last

189.51

189.07 **

187.93 *

187.25 **

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