GBP/JPY may fall 103 - 151 pips

Our pivot point is at 199.89.

Our preference

Target 197.71.

Alternative scenario

Above 199.89, look for 200.70 and 201.18.

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 is trading above both its 20 and 50 period moving average (respectively at 199.21 and 199.12).

Supports and resistances

201.18 **

200.70 *

199.89 **

199.58

199.22 last

198.19

197.71 **

197.23 *

196.75 **

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