GBP/JPY may fall 94 - 138 pips

Our pivot point stands at 200.73.

Our preference

Target 198.77.

Alternative scenario

Above 200.73, look for 201.47 and 201.90.

Comment

The RSI is below 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 below its 20 period moving average (200.33) but above its 50 period moving average (200.02).

Supports and resistances

201.90 **

201.47 *

200.73 **

200.44

200.15 last

199.21

198.77 **

198.34 *

197.90 **

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