GBP/JPY may fall 69 - 101 pips

205.91 is our pivot point.

Our preference

The downside prevails as long as 205.91 is resistance.

Alternative scenario

The upside breakout of 205.91, would call for 206.45 and 206.77.

Comment

The RSI is below 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 205.79 and 205.65).

Supports and resistances

206.77 **

206.45 *

205.91 **

205.70

205.46 last

204.77

204.45 **

204.13 *

203.81 **

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