GBP/JPY may fall 77 - 111 pips

Our pivot point is at 203.76.

Our preference

Target 202.13.

Alternative scenario

Above 203.76, look for 204.32 and 204.65.

Comment

The RSI is below its neutrality area at 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 below its 20 period moving average (203.34) but above its 50 period moving average (203.23).

Supports and resistances

204.65 **

204.32 *

203.76 **

203.53

203.24 last

202.47

202.13 **

201.80 *

201.46 **

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