GBP/JPY may fall 98 - 144 pips

Our pivot point stands at 201.67.

Our preference

The downside prevails as long as 201.67 is resistance.

Alternative scenario

The upside breakout of 201.67, would call for 202.45 and 202.91.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 201.13 and 201.14).

Supports and resistances

202.91 **

202.45 *

201.67 **

201.37

200.98 last

200.00

199.54 **

199.07 *

198.61 **

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