GBP/JPY may fall 102 - 149 pips

Our pivot point stands at 200.24.

Our preference

The downside prevails as long as 200.24 is resistance.

Alternative scenario

The upside breakout of 200.24, would call for 201.04 and 201.51.

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 199.63 and 200.07).

Supports and resistances

201.51 **

201.04 *

200.24 **

199.93

199.52 last

198.50

198.03 **

197.55 *

197.08 **

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