GBP/JPY may fall 58 - 87 pips

Our pivot point is at 205.26.

Our preference

The downside prevails as long as 205.26 is resistance.

Alternative scenario

The upside breakout of 205.26, would call for 205.74 and 206.03.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 204.93 and 204.99).

Supports and resistances

206.03 **

205.74 *

205.26 **

205.07

204.75 last

204.17

203.88 **

203.60 *

203.31 **

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