GBP/JPY may rise 127 - 186 pips

Our pivot point is at 195.19.

Our preference

Our next up target stands at 197.85.

Alternative scenario

The downside breakout of 195.19 would call for 194.20 and 193.62.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 195.88 and 195.80).

Supports and resistances

199.02 **

198.43 *

197.85 **

197.26

195.99 last

195.57

195.19 **

194.20 *

193.62 **

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