GBP/JPY may fall 105 - 150 pips

Our pivot point is at 191.38.

Our preference

The downside prevails as long as 191.38 is resistance.

Alternative scenario

Above 191.38, look for 192.13 and 192.57.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 191.68 and 192).

Supports and resistances

192.57 **

192.13 *

191.38 **

191.09

190.75 last

189.70

189.25 **

188.81 *

188.36 **

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