GBP/JPY may rise 116 - 174 pips

Our pivot point stands at 194.54.

Our preference

The upside prevails as long as 194.54 is support.

Alternative scenario

Below 194.54, expect 193.56 and 192.98.

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 195.16 and 195.34).

Supports and resistances

198.26 **

197.68 *

197.10 **

196.52

195.36 last

194.92

194.54 **

193.56 *

192.98 **

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