GBP/JPY may fall 122 - 179 pips

Our pivot point stands at 184.35.

Our preference

The downside prevails as long as 184.35 is resistance.

Alternative scenario

The upside breakout of 184.35, would call for 185.32 and 185.89.

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 183.84 and 184.61).

Supports and resistances

185.89 **

185.32 *

184.35 **

183.97

183.45 last

182.23

181.66 **

181.08 *

180.51 **

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