GBP/JPY may rise 123 - 182 pips

193.33 is our pivot point.

Our preference

As long as 193.33 is support look for 196.

Alternative scenario

The downside breakout of 193.33 would call for 192.34 and 191.75.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 194.10 and 193.80).

Supports and resistances

197.18 **

196.59 *

196.00 **

195.41

194.18 last

193.71

193.33 **

192.34 *

191.75 **

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