GBP/JPY may fall 150 - 222 pips

191.68 is our pivot point.

Our preference

The downside prevails as long as 191.68 is resistance.

Alternative scenario

Above 191.68, look for 192.89 and 193.61.

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 190.92 and 190.82).

Supports and resistances

193.61 **

192.89 *

191.68 **

191.20

190.51 last

189.01

188.29 **

187.57 *

186.86 **

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