GBP/JPY may fall 76 - 109 pips

Our pivot point stands at 203.15.

Our preference

The downside prevails as long as 203.15 is resistance.

Alternative scenario

The upside breakout of 203.15, would call for 203.71 and 204.04.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 202.81 and 202.77).

Supports and resistances

204.04 **

203.71 *

203.15 **

202.93

202.62 last

201.86

201.53 **

201.19 *

200.86 **

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