GBP/JPY may rise 117 - 175 pips

Our pivot point is at 193.70.

Our preference

The upside prevails as long as 193.70 is support.

Alternative scenario

Below 193.70, expect 192.73 and 192.16.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 194.26 and 194.38).

Supports and resistances

197.39 **

196.81 *

196.24 **

195.66

194.49 last

194.09

193.70 **

192.73 *

192.16 **

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