GBP/JPY may rise 138 - 206 pips

Our pivot point is at 190.74.

Our preference

As long as 190.74 is support look for 193.70.

Alternative scenario

The downside breakout of 190.74 would call for 189.58 and 188.89.

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 191.58 and 190.56).

Supports and resistances

195.08 **

194.39 *

193.70 **

193.02

191.64 last

191.19

190.74 **

189.58 *

188.89 **

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