GBP/JPY may rise 156 - 228 pips

189.06 is our pivot point.

Our preference

Rebound towards 192.33.

Alternative scenario

The downside breakout of 189.06 would call for 187.85 and 187.13.

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 stands above its 20 period moving average (189.97) but below its 50 period moving average (190.48).

Supports and resistances

193.77 **

193.05 *

192.33 **

191.61

190.05 last

189.54

189.06 **

187.85 *

187.13 **

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