GBP/JPY may fall 149 - 221 pips

Our pivot point stands at 191.14.

Our preference

Under pressure below 191.14.

Alternative scenario

The upside breakout of 191.14, would call for 192.35 and 193.07.

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 stands below its 20 and 50 period moving average (respectively at 190.01 and 190.03).

Supports and resistances

193.07 **

192.35 *

191.14 **

190.66

189.80 last

188.31

187.59 **

186.88 *

186.16 **

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