GBP/JPY may fall 121 - 179 pips

Our pivot point stands at 195.17.

Our preference

The downside prevails as long as 195.17 is resistance.

Alternative scenario

The upside breakout of 195.17, would call for 196.14 and 196.72.

Comment

The RSI is below 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 194.53 and 194.66).

Supports and resistances

196.72 **

196.14 *

195.17 **

194.79

194.34 last

193.13

192.55 **

191.98 *

191.40 **

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