GBP/JPY may fall 122 - 181 pips

194.85 is our pivot point.

Our preference

Target 192.24.

Alternative scenario

Above 194.85, look for 195.84 and 196.43.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (194.12) but above its 50 period moving average (193.94).

Supports and resistances

196.43 **

195.84 *

194.85 **

194.47

194.05 last

192.83

192.24 **

191.65 *

191.06 **

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