GBP/JPY may fall 142 - 200 pips

Our pivot point is at 186.27.

Our preference

The downside prevails as long as 186.27 is resistance.

Alternative scenario

Above 186.27, look for 187.25 and 187.83.

Comment

The RSI is below 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 185.59 and 186.34).

Supports and resistances

187.83 **

187.25 *

186.27 **

185.89

185.42 last

184.00

183.42 **

182.84 *

182.26 **

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