GBP/JPY may rise 156 - 224 pips

Our pivot point is at 185.26.

Our preference

As long as 185.26 is support look for 188.46.

Alternative scenario

Below 185.26, expect 184.11 and 183.42.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 186.11 and 185.68).

Supports and resistances

189.84 **

189.15 *

188.46 **

187.78

186.22 last

185.71

185.26 **

184.11 *

183.42 **

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