GBP/JPY may rise 125 - 187 pips

193.40 is our pivot point.

Our preference

Rebound towards 196.11.

Alternative scenario

The downside breakout of 193.40 would call for 192.36 and 191.74.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 194.25 and 194.43).

Supports and resistances

197.35 **

196.73 *

196.11 **

195.49

194.24 last

193.81

193.40 **

192.36 *

191.74 **

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