The Pound could not hold on to its gains against the Yen as the pair dropped back below the 38.2% correctional level at 202.75 for the upside wave that started back in 17th of March, which suggests the pair could continue its downside wave to the 200.83 which represents the 50% correctional level and offers strong demand for the pair supported as well by strong downside momentum, while an upside wave could target the 205.90s level if the 202.75 resistance was successfully breached.