GBP/JPY may fall 148 - 206 pips

184.90 is our pivot point.

Our preference

The downside prevails as long as 184.90 is resistance.

Alternative scenario

Above 184.90, look for 185.87 and 186.45.

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 is trading under both its 20 and 50 period moving average (respectively at 185.37 and 184.15). Finally, the GBP/JPY has penetrated its lower Bollinger band (183.84).

Supports and resistances

186.45 **

185.87 *

184.90 **

184.52

183.79 last

182.31

181.73 **

181.16 *

180.58 **

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