GBP/JPY may rise 137 - 205 pips

Our pivot point stands at 184.06.

Our preference

Rebound.

Alternative scenario

The downside breakout of 184.06 would call for 182.91 and 182.23.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (184.81) but below its 50 period moving average (185.24).

Supports and resistances

188.40 **

187.72 *

187.03 **

186.35

184.98 last

184.51

184.06 **

182.91 *

182.23 **

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