GBP/JPY may fall 97 - 141 pips

Our pivot point stands at 193.06.

Our preference

As long as 193.06 is resistance look for 190.65.

Alternative scenario

The upside breakout of 193.06, would call for 193.81 and 194.26.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 192.10 and 192.46).

Supports and resistances

194.26 **

193.81 *

193.06 **

192.76

192.06 last

191.09

190.65 **

190.20 *

189.75 **

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