GBP/JPY may rise 159 - 232 pips

Our pivot point is at 188.97.

Our preference

Rebound towards 192.26.

Alternative scenario

The downside breakout of 188.97 would call for 187.76 and 187.04.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 190.21 and 190.85).

Supports and resistances

193.70 **

192.98 *

192.26 **

191.53

189.94 last

189.44

188.97 **

187.76 *

187.04 **

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