GBP/JPY may fall 146 - 218 pips

Our pivot point is at 190.86.

Our preference

Target 187.71.

Alternative scenario

Above 190.86, look for 192.07 and 192.79.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (190.17) but above its 50 period moving average (189.73).

Supports and resistances

192.79 **

192.07 *

190.86 **

190.38

189.89 last

188.43

187.71 **

186.99 *

186.27 **

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