GBP/JPY may fall 97 - 141 pips

Our pivot point is at 201.72.

Our preference

The downside prevails as long as 201.72 is resistance.

Alternative scenario

Above 201.72, look for 202.46 and 202.89.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 201.44 and 202.18). Finally, the GBP/JPY has penetrated its lower Bollinger band (201.08).

Supports and resistances

202.89 **

202.46 *

201.72 **

201.44

201.05 last

200.08

199.64 **

199.20 *

198.77 **

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