GBP/JPY may rise 111 - 165 pips

Our pivot point is at 191.88.

Our preference

Rebound towards 194.28.

Alternative scenario

Below 191.88, expect 190.98 and 190.44.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (192.48) but below its 50 period moving average (193.35).

Supports and resistances

195.36 **

194.82 *

194.28 **

193.74

192.63 last

192.24

191.88 **

190.98 *

190.44 **

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