GBP/JPY may fall 119 - 179 pips

Our pivot point stands at 196.27.

Our preference

Target 193.59.

Alternative scenario

The upside breakout of 196.27, would call for 197.27 and 197.86.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (195.51) but above its 50 period moving average (195.34).

Supports and resistances

197.86 **

197.27 *

196.27 **

195.88

195.38 last

194.19

193.59 **

193.00 *

192.41 **

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