GBP/JPY may fall 133 - 191 pips

Our pivot point is at 186.66.

Our preference

The downside prevails as long as 186.66 is resistance.

Alternative scenario

Above 186.66, look for 187.64 and 188.22.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 186.03 and 186.61).

Supports and resistances

188.22 **

187.64 *

186.66 **

186.27

185.81 last

184.48

183.90 **

183.32 *

182.73 **

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