GBP/JPY may fall 98 - 146 pips

200.95 is our pivot point.

Our preference

The downside prevails as long as 200.95 is resistance.

Alternative scenario

The upside breakout of 200.95, would call for 201.75 and 202.23.

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 200.37 and 200.48).

Supports and resistances

202.23 **

201.75 *

200.95 **

200.64

200.28 last

199.30

198.82 **

198.34 *

197.87 **

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