GBP/JPY may rise 148 - 220 pips

190.43 is our pivot point.

Our preference

The upside prevails as long as 190.43 is support.

Alternative scenario

The downside breakout of 190.43 would call for 189.21 and 188.49.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 191.23 and 190.77).

Supports and resistances

195.13 **

194.41 *

193.68 **

192.96

191.48 last

190.91

190.43 **

189.21 *

188.49 **

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