GBP/JPY may fall 119 - 177 pips

Our pivot point stands at 196.07.

Our preference

Under pressure below 196.07.

Alternative scenario

The upside breakout of 196.07, would call for 197.04 and 197.62.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 195.55 and 195.40).

Supports and resistances

197.62 **

197.04 *

196.07 **

195.69

195.17 last

193.98

193.40 **

192.82 *

192.25 **

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