GBP/JPY may fall 123 - 181 pips

Our pivot point is at 198.09.

Our preference

The downside prevails as long as 198.09 is resistance.

Alternative scenario

Above 198.09, look for 199.08 and 199.67.

Comment

The RSI is below 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 197.28 and 197.57).

Supports and resistances

199.67 **

199.08 *

198.09 **

197.70

197.15 last

195.92

195.34 **

194.75 *

194.16 **

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