GBP/JPY may fall 130 - 174 pips

Our pivot point is at 201.45.

Our preference

Under pressure below 201.45.

Alternative scenario

Above 201.45, look for 202.18 and 202.62.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 200.88 and 200.68).

Supports and resistances

202.62 **

202.18 *

201.45 **

201.16

200.65 last

199.35

198.91 **

198.47 *

198.04 **

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