SGD/JPY may fall 43 - 59 pips

Our pivot point is at 117.32.

Our preference

The downside prevails as long as 117.32 is resistance.

Alternative scenario

Above 117.32, look for 117.58 and 117.73.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 117.72 and 117.80). Finally, the SGD/JPY has penetrated its lower Bollinger band (117.11).

Supports and resistances

117.73 **

117.58 *

117.32 **

117.22

116.93 last

116.50

116.34 **

116.19 *

116.04 **

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