GBP/JPY may fall 119 - 178 pips

Our pivot point is at 188.71.

Our preference

The downside prevails as long as 188.71 is resistance.

Alternative scenario

Above 188.71, look for 189.70 and 190.29.

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 188.30 and 187.89).

Supports and resistances

190.29 **

189.70 *

188.71 **

188.32

187.89 last

186.70

186.11 **

185.52 *

184.93 **

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