GBP/JPY may fall 73 - 110 pips

Our pivot point stands at 203.93.

Our preference

The downside prevails as long as 203.93 is resistance.

Alternative scenario

The upside breakout of 203.93, would call for 204.55 and 204.91.

Comment

The RSI is below 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 203.56 and 203.51).

Supports and resistances

204.91 **

204.55 *

203.93 **

203.69

203.35 last

202.62

202.25 **

201.89 *

201.52 **

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