GBP/JPY may fall 141 - 208 pips

Our pivot point is at 187.13.

Our preference

The downside prevails as long as 187.13 is resistance.

Alternative scenario

Above 187.13, look for 188.25 and 188.92.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 186.83 and 186.37).

Supports and resistances

188.92 **

188.25 *

187.13 **

186.69

186.17 last

184.76

184.09 **

183.42 *

182.76 **

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