GBP/JPY may rise 150 - 223 pips

Our pivot point stands at 189.55.

Our preference

As long as 189.55 is support look for 192.74.

Alternative scenario

Below 189.55, expect 188.34 and 187.61.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 190.48 and 190.22).

Supports and resistances

194.18 **

193.46 *

192.74 **

192.01

190.51 last

190.03

189.55 **

188.34 *

187.61 **

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