GBP/JPY may rise 57 - 83 pips

Intraday: the upside prevails as long as 188.63 is support

Our pivot point is at 188.63.

Our preference

The upside prevails as long as 188.63 is support.

Alternative scenario

The downside breakout of 188.63 would call for 188.18 and 187.91.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 188.51 and 188.44).

Supports and resistances

190.40 **

190.13 *

189.86 **

189.60

189.03 last

188.80

188.63 **

188.18 *

187.91 **

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

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