GBP/JPY may fall 152 - 219 pips

189.81 is our pivot point.

Our preference

Under pressure below 189.81.

Alternative scenario

Above 189.81, look for 190.94 and 191.61.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 188.85 and 188.75). Finally, the GBP/JPY has penetrated its lower Bollinger band (188.45).

Supports and resistances

191.61 **

190.94 *

189.81 **

189.36

188.36 last

186.84

186.17 **

185.50 *

184.83 **

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