GBP/JPY may rise 121 - 180 pips

193.70 is our pivot point.

Our preference

The upside prevails as long as 193.70 is support.

Alternative scenario

The downside breakout of 193.70 would call for 192.71 and 192.12.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 194.24 and 194.11).

Supports and resistances

197.61 **

197.02 *

196.43 **

195.84

194.63 last

194.09

193.70 **

192.71 *

192.12 **

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