GBP/JPY may rise 119 - 177 pips

Our pivot point stands at 194.69.

Our preference

The upside prevails as long as 194.69 is support.

Alternative scenario

The downside breakout of 194.69 would call for 193.71 and 193.13.

Comment

The RSI is above 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 195.09 and 194.60).

Supports and resistances

198.41 **

197.83 *

197.25 **

196.67

195.48 last

195.07

194.69 **

193.71 *

193.13 **

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