GBP/JPY may fall 117 - 161 pips

Our pivot point is at 188.62.

Our preference

The downside prevails as long as 188.62 is resistance.

Alternative scenario

Above 188.62, look for 189.36 and 189.80.

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 188.99 and 189.72).

Supports and resistances

189.80 **

189.36 *

188.62 **

188.33

188.00 last

186.83

186.39 **

185.95 *

185.51 **

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