GBP/JPY may fall 120 - 165 pips

Our pivot point is at 192.63.

Our preference

The downside prevails as long as 192.63 is resistance.

Alternative scenario

The upside breakout of 192.63, would call for 193.38 and 193.83.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 192.70 and 193.67).

Supports and resistances

193.83 **

193.38 *

192.63 **

192.33

191.82 last

190.62

190.17 **

189.73 *

189.28 **

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