GBP/JPY may fall 116 - 174 pips

Our pivot point is at 195.79.

Our preference

The downside prevails as long as 195.79 is resistance.

Alternative scenario

The upside breakout of 195.79, would call for 196.77 and 197.35.

Comment

The RSI is below its neutrality area at 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 195.21 and 195.33).

Supports and resistances

197.35 **

196.77 *

195.79 **

195.41

195.01 last

193.85

193.27 **

192.69 *

192.11 **

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