GBP/JPY may fall 97 - 144 pips

Our pivot point is at 200.36.

Our preference

Technical rebound towards 200.36 before a new drop.

Alternative scenario

The upside breakout of 200.36, would call for 201.15 and 201.63.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (199.53) but under its 50 period moving average (199.66).

Supports and resistances

201.63 **

201.15 *

200.36 **

200.04

199.65 last

198.68

198.21 **

197.73 *

197.26 **

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