SGD/JPY may fall 30 - 45 pips

Our pivot point is at 120.06.

Our preference

Target 119.39.

Alternative scenario

The upside breakout of 120.06, would call for 120.31 and 120.46.

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 pair is trading under its 20 period moving average (119.89) but above its 50 period moving average (119.83).

Supports and resistances

120.46 **

120.31 *

120.06 **

119.97

119.84 last

119.54

119.39 **

119.24 *

119.09 **

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