GBP/JPY may rise 121 - 180 pips

Our pivot point stands at 194.03.

Our preference

As long as 194.03 is support look for 196.68.

Alternative scenario

The downside breakout of 194.03 would call for 193.04 and 192.45.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 194.84 and 194.44).

Supports and resistances

197.86 **

197.27 *

196.68 **

196.09

194.88 last

194.42

194.03 **

193.04 *

192.45 **

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