GBP/JPY may rise 127 - 189 pips

Our pivot point is at 194.39.

Our preference

As long as 194.39 is support look for 197.19.

Alternative scenario

Below 194.39, expect 193.34 and 192.72.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (195.36) but above its 50 period moving average (194.87).

Supports and resistances

198.44 **

197.82 *

197.19 **

196.57

195.30 last

194.80

194.39 **

193.34 *

192.72 **

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