GBP/JPY may rise 147 - 219 pips

Our pivot point is at 190.28.

Our preference

Our next up target stands at 193.47.

Alternative scenario

The downside breakout of 190.28 would call for 189.07 and 188.34.

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 trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 191.02 and 191.19).

Supports and resistances

194.92 **

194.20 *

193.47 **

192.75

191.28 last

190.76

190.28 **

189.07 *

188.34 **

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