GBP/JPY may fall 89 - 134 pips

Our pivot point stands at 191.82.

Our preference

The downside prevails as long as 191.82 is resistance.

Alternative scenario

Above 191.82, look for 192.57 and 193.02.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 191.87 and 192.28).

Supports and resistances

193.02 **

192.57 *

191.82 **

191.53

190.93 last

190.04

189.59 **

189.14 *

188.70 **

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