GBP/JPY may rise 156 - 228 pips

Our pivot point is at 190.31.

Our preference

As long as 190.31 is support look for 193.68.

Alternative scenario

Below 190.31, expect 189.09 and 188.36.

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 above its 20 and 50 period moving average (respectively at 191.36 and 190.56).

Supports and resistances

195.14 **

194.41 *

193.68 **

192.96

191.40 last

190.78

190.31 **

189.09 *

188.36 **

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