GBP/JPY may rise 147 - 215 pips

183.97 is our pivot point.

Our preference

Our next up target stands at 187.13.

Alternative scenario

The downside breakout of 183.97 would call for 182.82 and 182.14.

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 is above its 20 and 50 period moving average (respectively at 184.49 and 184.68).

Supports and resistances

188.50 **

187.81 *

187.13 **

186.45

184.98 last

184.42

183.97 **

182.82 *

182.14 **

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