GBP/JPY may rise 143 - 211 pips

Our pivot point is at 183.96.

Our preference

Rebound towards 187.08.

Alternative scenario

Below 183.96, expect 182.81 and 182.13.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (184.81) but under its 50 period moving average (185.38).

Supports and resistances

188.45 **

187.77 *

187.08 **

186.40

184.97 last

184.41

183.96 **

182.81 *

182.13 **

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