GBP/JPY may fall 135 - 193 pips

Our pivot point is at 187.64.

Our preference

Target 184.49.

Alternative scenario

Above 187.64, look for 188.63 and 189.21.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (187.05) but above its 50 period moving average (186.02).

Supports and resistances

189.21 **

188.63 *

187.64 **

187.25

186.42 last

185.07

184.49 **

183.91 *

183.32 **

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