GBP/JPY may fall 154 - 226 pips

190.78 is our pivot point.

Our preference

Eye 187.53.

Alternative scenario

The upside breakout of 190.78, would call for 191.99 and 192.71.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is trading under its 20 period moving average (190.07) but above its 50 period moving average (189.77).

Supports and resistances

192.71 **

191.99 *

190.78 **

190.31

189.79 last

188.25

187.53 **

186.81 *

186.09 **

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