GBP/JPY may fall 118 - 176 pips

Our pivot point is at 186.63.

Our preference

The downside prevails as long as 186.63 is resistance.

Alternative scenario

The upside breakout of 186.63, would call for 187.61 and 188.19.

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 186.59 and 186.42).

Supports and resistances

188.19 **

187.61 *

186.63 **

186.24

185.85 last

184.67

184.09 **

183.51 *

182.93 **

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