GBP/JPY may fall 167 - 239 pips

Our pivot point stands at 192.03.

Our preference

The downside prevails as long as 192.03 is resistance.

Alternative scenario

Above 192.03, look for 193.25 and 193.97.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 191.47 and 191.29).

Supports and resistances

193.97 **

193.25 *

192.03 **

191.55

191.05 last

189.38

188.66 **

187.93 *

187.21 **

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