GBP/JPY may fall 76 - 113 pips

Our pivot point stands at 203.14.

Our preference

The downside prevails as long as 203.14 is resistance.

Alternative scenario

Above 203.14, look for 203.75 and 204.12.

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 202.91 and 202.87). Finally, the GBP/JPY has penetrated its lower Bollinger band (202.56).

Supports and resistances

204.12 **

203.75 *

203.14 **

202.90

202.56 last

201.80

201.43 **

201.07 *

200.71 **

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