GBP/JPY may fall 125 - 183 pips

Our pivot point stands at 194.94.

Our preference

The downside prevails as long as 194.94 is resistance.

Alternative scenario

The upside breakout of 194.94, would call for 195.91 and 196.48.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 194.35 and 194.49).

Supports and resistances

196.48 **

195.91 *

194.94 **

194.56

194.16 last

192.91

192.33 **

191.75 *

191.18 **

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