GBP/JPY may fall 124 - 183 pips

Our pivot point is at 197.57.

Our preference

The downside prevails as long as 197.57 is resistance.

Alternative scenario

The upside breakout of 197.57, would call for 198.55 and 199.14.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 197.03 and 197.10).

Supports and resistances

199.14 **

198.55 *

197.57 **

197.18

196.65 last

195.41

194.82 **

194.23 *

193.65 **

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