GBP/JPY may fall 170 - 228 pips

194.99 is our pivot point.

Our preference

The downside prevails as long as 194.99 is resistance.

Alternative scenario

The upside breakout of 194.99, would call for 195.98 and 196.57.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 194.67 and 194.89).

Supports and resistances

196.57 **

195.98 *

194.99 **

194.61

194.09 last

192.39

191.81 **

191.22 *

190.64 **

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