GBP/JPY may fall 140 - 210 pips

187.75 is our pivot point.

Our preference

The downside prevails as long as 187.75 is resistance.

Alternative scenario

Above 187.75, look for 188.93 and 189.63.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 187.44 and 188.03).

Supports and resistances

189.63 **

188.93 *

187.75 **

187.29

186.83 last

185.43

184.73 **

184.03 *

183.33 **

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