GBP/JPY may fall 145 - 217 pips

Our pivot point is at 191.33.

Our preference

Target 188.18.

Alternative scenario

The upside breakout of 191.33, would call for 192.54 and 193.27.

Comment

The RSI is below 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 (190.54) but above its 50 period moving average (190.20).

Supports and resistances

193.27 **

192.54 *

191.33 **

190.85

190.35 last

188.90

188.18 **

187.46 *

186.74 **

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