GBP/JPY may fall 99 - 147 pips

Our pivot point is at 199.98.

Our preference

The downside prevails as long as 199.98 is resistance.

Alternative scenario

Above 199.98, look for 200.78 and 201.25.

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 199.61 and 199.52).

Supports and resistances

201.25 **

200.78 *

199.98 **

199.67

199.35 last

198.36

197.88 **

197.41 *

196.94 **

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