GBP/JPY may rise 116 - 174 pips

Our pivot point is at 193.67.

Our preference

Rebound.

Alternative scenario

Below 193.67, expect 192.70 and 192.12.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (194.47) but under its 50 period moving average (194.83).

Supports and resistances

197.68 **

197.10 *

196.52 **

195.94

194.78 last

194.05

193.67 **

192.70 *

192.12 **

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