GBP/JPY may fall 154 - 226 pips

Our pivot point is at 191.71.

Our preference

The downside prevails as long as 191.71 is resistance.

Alternative scenario

The upside breakout of 191.71, would call for 192.92 and 193.64.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 190.84 and 190.98).

Supports and resistances

193.64 **

192.92 *

191.71 **

191.24

190.68 last

189.14

188.42 **

187.70 *

186.98 **

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