GBP/JPY may fall 101 - 144 pips

Our pivot point is at 202.14.

Our preference

The downside prevails as long as 202.14 is resistance.

Alternative scenario

Above 202.14, look for 202.87 and 203.31.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). 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 202.28 and 202.61).

Supports and resistances

203.31 **

202.87 *

202.14 **

201.85

201.52 last

200.51

200.08 **

199.64 *

199.20 **

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