GBP/JPY may rise 164 - 236 pips

Our pivot point stands at 189.88.

Our preference

Rebound.

Alternative scenario

Below 189.88, expect 188.67 and 187.95.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (190.65) but below its 50 period moving average (190.88).

Supports and resistances

194.63 **

193.91 *

193.19 **

192.47

190.83 last

190.35

189.88 **

188.67 *

187.95 **

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