GBP/JPY may rise 153 - 225 pips

Our pivot point is at 189.07.

Our preference

The upside prevails as long as 189.07 is support.

Alternative scenario

The downside breakout of 189.07 would call for 187.86 and 187.14.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 189.63 and 189.74).

Supports and resistances

193.75 **

193.03 *

192.31 **

191.59

190.06 last

189.55

189.07 **

187.86 *

187.14 **

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