GBP/JPY may fall 165 - 237 pips

190.24 is our pivot point.

Our preference

The downside prevails as long as 190.24 is resistance.

Alternative scenario

Above 190.24, look for 191.45 and 192.17.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 189.47 and 190.12).

Supports and resistances

192.17 **

191.45 *

190.24 **

189.77

189.25 last

187.60

186.88 **

186.17 *

185.45 **

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