GBP/JPY may fall 178 - 224 pips

Our pivot point stands at 202.87.

Our preference

Target 199.70.

Alternative scenario

Above 202.87, look for 203.65 and 204.12.

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 pair is trading under its 20 period moving average (202) but above its 50 period moving average (201.71).

Supports and resistances

204.12 **

203.65 *

202.87 **

202.56

201.94 last

200.16

199.70 **

199.24 *

198.77 **

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