GBP/JPY may fall 68 - 100 pips

Our pivot point is at 206.22.

Our preference

Target 204.74.

Alternative scenario

Above 206.22, look for 206.76 and 207.08.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (205.89) but above its 50 period moving average (205.67).

Supports and resistances

207.08 **

206.76 *

206.22 **

206.01

205.74 last

205.06

204.74 **

204.42 *

204.09 **

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