GBP/JPY may fall 69 - 102 pips

206.40 is our pivot point.

Our preference

The downside prevails as long as 206.40 is resistance.

Alternative scenario

The upside breakout of 206.40, would call for 206.94 and 207.26.

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 206.19 and 206).

Supports and resistances

207.26 **

206.94 *

206.40 **

206.19

205.94 last

205.25

204.92 **

204.60 *

204.28 **

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