GBP/JPY may rise 119 - 178 pips

Our pivot point stands at 193.17.

Our preference

As long as 193.17 is support look for 195.88.

Alternative scenario

Below 193.17, expect 192.19 and 191.60.

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 pair is trading under its 20 period moving average (194.12) but above its 50 period moving average (193.89).

Supports and resistances

197.05 **

196.46 *

195.88 **

195.29

194.10 last

193.56

193.17 **

192.19 *

191.60 **

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