GBPJPY may rise 132 - 194 pips
Our preference
The upside prevails as long as 163.37 is support.
Alternative scenario
Below 163.37, expect 162.34 and 161.72
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 163.42 and 163.49). Finally, the GBP/JPY has crossed above its upper Bollinger band (164.20).
Our preference
The upside prevails as long as 163.37 is support.
Alternative scenario
Below 163.37, expect 162.34 and 161.72
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 163.42 and 163.49). Finally, the GBP/JPY has crossed above its upper Bollinger band (164.20).