GBP/JPY may fall 65 - 97 pips

Our pivot point is at 206.09.

Our preference

The downside prevails as long as 206.09 is resistance.

Alternative scenario

Above 206.09, look for 206.62 and 206.95.

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 stands below its 20 and 50 period moving average (respectively at 205.74 and 205.82). Finally, the GBP/JPY is trading below its lower Bollinger band (standing at 205.56).

Supports and resistances

206.95 **

206.62 *

206.09 **

205.87

205.51 last

204.86

204.54 **

204.22 *

203.90 **

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