GBP/JPY may fall 65 - 97 pips

Our pivot point is at 206.13.

Our preference

Technical rebound towards 206.13 before a new drop.

Alternative scenario

Above 206.13, look for 206.67 and 206.99.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (205.57) but under its 50 period moving average (205.72).

Supports and resistances

206.99 **

206.67 *

206.13 **

205.92

205.69 last

205.04

204.72 **

204.40 *

204.08 **

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