GBP/JPY may fall 120 - 178 pips

195.10 is our pivot point.

Our preference

The downside prevails as long as 195.10 is resistance.

Alternative scenario

The upside breakout of 195.10, would call for 196.07 and 196.64.

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 194.63 and 194.93).

Supports and resistances

196.64 **

196.07 *

195.10 **

194.72

194.25 last

193.05

192.47 **

191.90 *

191.32 **

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