GBP/JPY may fall 149 - 221 pips

Our pivot point is at 191.81.

Our preference

Technical rebound towards 191.81 before a new drop.

Alternative scenario

The upside breakout of 191.81, would call for 193.02 and 193.74.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (190.68) but under its 50 period moving average (190.86).

Supports and resistances

193.74 **

193.02 *

191.81 **

191.33

190.85 last

189.36

188.64 **

187.92 *

187.20 **

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