GBP/JPY may fall 83 - 119 pips

Our pivot point stands at 202.78.

Our preference

The downside prevails as long as 202.78 is resistance.

Alternative scenario

Above 202.78, look for 203.39 and 203.76.

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 202.82 and 202.80). Finally, the GBP/JPY has penetrated its lower Bollinger band (202.27).

Supports and resistances

203.76 **

203.39 *

202.78 **

202.54

202.24 last

201.41

201.05 **

200.69 *

200.32 **

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