GBP/JPY may fall 141 - 209 pips

Our pivot point stands at 189.73.

Our preference

As long as 189.73 is resistance look for 186.72.

Alternative scenario

Above 189.73, look for 190.86 and 191.54.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above its 20 period moving average (188.80) but under its 50 period moving average (188.84).

Supports and resistances

191.54 **

190.86 *

189.73 **

189.29

188.81 last

187.40

186.72 **

186.05 *

185.38 **

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