GBP/JPY may fall 68 - 102 pips

Our pivot point stands at 204.60.

Our preference

Target 203.11.

Alternative scenario

The upside breakout of 204.60, would call for 205.17 and 205.50.

Comment

The RSI is below 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 below its 20 period moving average (204.24) but above its 50 period moving average (204.06).

Supports and resistances

205.50 **

205.17 *

204.60 **

204.38

204.13 last

203.45

203.11 **

202.77 *

202.44 **

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