GBP/JPY may rise 117 - 175 pips

Our pivot point is at 194.89.

Our preference

As long as 194.89 is support look for 197.41.

Alternative scenario

The downside breakout of 194.89 would call for 193.92 and 193.34.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 195.61 and 195.26).

Supports and resistances

198.57 **

197.99 *

197.41 **

196.83

195.66 last

195.28

194.89 **

193.92 *

193.34 **

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