GBP/JPY may fall 108 - 151 pips

Our pivot point is at 187.77.

Our preference

The downside prevails as long as 187.77 is resistance.

Alternative scenario

The upside breakout of 187.77, would call for 188.51 and 188.94.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 187.87 and 189.05).

Supports and resistances

188.94 **

188.51 *

187.77 **

187.48

187.11 last

186.03

185.60 **

185.16 *

184.72 **

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