GBP/JPY may rise 148 - 220 pips

Our pivot point is at 189.87.

Our preference

The upside prevails as long as 189.87 is support.

Alternative scenario

The downside breakout of 189.87 would call for 188.66 and 187.93.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 190.65 and 190.31).

Supports and resistances

194.62 **

193.89 *

193.17 **

192.45

190.97 last

190.35

189.87 **

188.66 *

187.93 **

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