GBP/JPY may fall to 173.74 - 178.37

195.69 is our pivot point.

Our preference

The downside prevails as long as 195.69 is resistance.

Alternative scenario

The upside breakout of 195.69, would call for 203.55 and 208.23.

Comment

The RSI is below its neutrality area at 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 196.27 and 199.17).

Supports and resistances

208.23 **

203.55 *

195.69 **

192.60

189.14 last

178.37

173.74 **

169.10 *

164.47 **

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