GBP/JPY may rise 120 - 179 pips

Our pivot point stands at 194.18.

Our preference

As long as 194.18 is support look for 196.83.

Alternative scenario

The downside breakout of 194.18 would call for 193.19 and 192.60.

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 price is trading above both its 20 and 50 period moving average (respectively at 195 and 194.71).

Supports and resistances

198.01 **

197.42 *

196.83 **

196.24

195.04 last

194.57

194.18 **

193.19 *

192.60 **

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