GBP/JPY may rise 152 - 220 pips

Our pivot point stands at 186.06.

Our preference

As long as 186.06 is support look for 189.99.

Alternative scenario

The downside breakout of 186.06 would call for 184.94 and 184.27.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 187.40 and 187.01).

Supports and resistances

191.33 **

190.66 *

189.99 **

189.31

187.79 last

186.50

186.06 **

184.94 *

184.27 **

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