GBP/JPY may fall 147 - 219 pips

Our pivot point stands at 192.35.

Our preference

Target 189.04.

Alternative scenario

The upside breakout of 192.35, would call for 193.57 and 194.30.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (191.40) but above its 50 period moving average (190.86).

Supports and resistances

194.30 **

193.57 *

192.35 **

191.87

191.23 last

189.76

189.04 **

188.31 *

187.59 **

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