GBP/JPY may rise 118 - 177 pips

195.34 is our pivot point.

Our preference

The upside prevails as long as 195.34 is support.

Alternative scenario

The downside breakout of 195.34 would call for 194.36 and 193.77.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 195.86 and 195.88).

Supports and resistances

199.12 **

198.54 *

197.95 **

197.36

196.18 last

195.73

195.34 **

194.36 *

193.77 **

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