GBP/JPY may rise 119 - 177 pips

Our pivot point is at 194.26.

Our preference

As long as 194.26 is support look for 197.24.

Alternative scenario

Below 194.26, expect 193.28 and 192.70.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 195.42 and 195.24).

Supports and resistances

198.40 **

197.82 *

197.24 **

196.66

195.47 last

194.64

194.26 **

193.28 *

192.70 **

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