GBP/JPY may fall 152 - 224 pips

Our pivot point is at 191.44.

Our preference

Target 188.10.

Alternative scenario

Above 191.44, look for 192.66 and 193.38.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (190.62) but above its 50 period moving average (190.29).

Supports and resistances

193.38 **

192.66 *

191.44 **

190.97

190.34 last

188.82

188.10 **

187.37 *

186.65 **

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