GBP/JPY may rise 118 - 176 pips

Our pivot point stands at 194.16.

Our preference

Rebound.

Alternative scenario

Below 194.16, expect 193.19 and 192.61.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (194.97) but below its 50 period moving average (195.10).

Supports and resistances

197.97 **

197.39 *

196.81 **

196.23

195.05 last

194.55

194.16 **

193.19 *

192.61 **

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