GBP/JPY may fall 120 - 179 pips

Our pivot point is at 195.54.

Our preference

The downside prevails as long as 195.54 is resistance.

Alternative scenario

Above 195.54, look for 196.53 and 197.12.

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 stands below its 20 and 50 period moving average (respectively at 194.99 and 194.94). Finally, the GBP/JPY has penetrated its lower Bollinger band (194.62).

Supports and resistances

197.12 **

196.53 *

195.54 **

195.15

194.61 last

193.41

192.82 **

192.23 *

191.64 **

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