GBP/JPY may rise 147 - 216 pips

184.73 is our pivot point.

Our preference

As long as 184.73 is support look for 187.81.

Alternative scenario

The downside breakout of 184.73 would call for 183.58 and 182.90.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (185.78) but above its 50 period moving average (185.23).

Supports and resistances

189.18 **

188.49 *

187.81 **

187.12

185.65 last

185.18

184.73 **

183.58 *

182.90 **

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