GBP/JPY may fall 117 - 175 pips

Our pivot point is at 196.29.

Our preference

Technical rebound towards 196.29 before a new drop.

Alternative scenario

Above 196.29, look for 197.26 and 197.84.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (195.13) but under its 50 period moving average (195.34).

Supports and resistances

197.84 **

197.26 *

196.29 **

195.90

195.30 last

194.13

193.55 **

192.97 *

192.39 **

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