GBP/JPY – Currency exchange rate forecast 23.08.2019: look for a drop towards 129.66 before a bounce

GBP/JPY - Currency exchange rate forecast 23.08.2019: look for a drop towards 129.66 before a bounce

Our preference: look for a drop towards 129.66 before a bounce.

Our pivot point stands at 129.66.

Our preference: look for a drop towards 129.66 before a bounce.

Alternative scenario: the downside breakout of 129.66 would call for 129.08 and 128.74.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the pair is below its 20 MA (130.30) but above its 50 MA (130.23).

Supports and resistances:

132.00 **

131.66 *

131.31 **

130.97

130.27 last

129.88

129.66 **

129.08 *

128.74 **

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