GBP/JPY may fall 140 - 208 pips

Our pivot point is at 187.08.

Our preference

Target 183.96.

Alternative scenario

Above 187.08, look for 188.24 and 188.93.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (186.09) but above its 50 period moving average (186.02).

Supports and resistances

188.93 **

188.24 *

187.08 **

186.63

186.04 last

184.64

183.96 **

183.27 *

182.58 **

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