GBP/JPY may fall 102 - 150 pips

Our pivot point is at 200.10.

Our preference

Under pressure below 200.10.

Alternative scenario

The upside breakout of 200.10, would call for 200.90 and 201.38.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 199.45 and 199.47).

Supports and resistances

201.38 **

200.90 *

200.10 **

199.78

199.37 last

198.35

197.87 **

197.39 *

196.91 **

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