GBP/JPY may fall 95 - 140 pips

Our pivot point is at 190.73.

Our preference

The downside prevails as long as 190.73 is resistance.

Alternative scenario

The upside breakout of 190.73, would call for 191.47 and 191.92.

Comment

The RSI is below 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 190.93 and 191.65).

Supports and resistances

191.92 **

191.47 *

190.73 **

190.43

189.88 last

188.93

188.48 **

188.04 *

187.60 **

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