GBP/JPY may fall 140 - 198 pips

Our pivot point is at 188.16.

Our preference

The downside prevails as long as 188.16 is resistance.

Alternative scenario

Above 188.16, look for 189.14 and 189.73.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 187.44 and 187.58).

Supports and resistances

189.73 **

189.14 *

188.16 **

187.77

187.25 last

185.85

185.27 **

184.68 *

184.09 **

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