GBP/JPY may rise 168 - 236 pips

Our pivot point stands at 188.41.

Our preference

As long as 188.41 is support look for 191.75.

Alternative scenario

The downside breakout of 188.41 would call for 187.27 and 186.60.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 189.37 and 188.58).

Supports and resistances

193.11 **

192.43 *

191.75 **

191.07

189.39 last

188.86

188.41 **

187.27 *

186.60 **

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