GBP/JPY may rise 123 - 182 pips

Our pivot point stands at 194.13.

Our preference

As long as 194.13 is support look for 196.74.

Alternative scenario

Below 194.13, expect 193.14 and 192.55.

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 below its 20 period moving average (195.03) but above its 50 period moving average (194.60).

Supports and resistances

197.92 **

197.33 *

196.74 **

196.15

194.92 last

194.52

194.13 **

193.14 *

192.55 **

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