GBP/JPY may fall 72 - 104 pips

Our pivot point stands at 204.66.

Our preference

The downside prevails as long as 204.66 is resistance.

Alternative scenario

The upside breakout of 204.66, would call for 205.19 and 205.51.

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 204.21 and 204.23).

Supports and resistances

205.51 **

205.19 *

204.66 **

204.45

204.19 last

203.47

203.15 **

202.83 *

202.51 **

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