GBP/JPY may rise 156 - 224 pips

Our pivot point stands at 188.04.

Our preference

The upside prevails as long as 188.04 is support.

Alternative scenario

The downside breakout of 188.04 would call for 186.90 and 186.22.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 188.53 and 187.72).

Supports and resistances

192.55 **

191.87 *

191.20 **

190.52

188.96 last

188.48

188.04 **

186.90 *

186.22 **

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