GBP/JPY may rise 122 - 181 pips

193.06 is our pivot point.

Our preference

As long as 193.06 is support look for 195.71.

Alternative scenario

The downside breakout of 193.06 would call for 192.08 and 191.49.

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 193.85 and 193.72).

Supports and resistances

196.88 **

196.29 *

195.71 **

195.12

193.90 last

193.45

193.06 **

192.08 *

191.49 **

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