GBP/JPY may rise 137 - 205 pips

Our pivot point is at 190.18.

Our preference

Rebound towards 193.14.

Alternative scenario

The downside breakout of 190.18 would call for 189.04 and 188.36.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (191.06) but below its 50 period moving average (191.48).

Supports and resistances

194.50 **

193.82 *

193.14 **

192.46

191.09 last

190.63

190.18 **

189.04 *

188.36 **

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