SGD/JPY may fall 48 - 69 pips

Our pivot point stands at 112.81.

Our preference

The downside prevails as long as 112.81 is resistance.

Alternative scenario

Above 112.81, look for 113.17 and 113.39.

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 stands below its 20 and 50 period moving average (respectively at 113.44 and 114.03).

Supports and resistances

113.39 **

113.17 *

112.81 **

112.67

112.39 last

111.91

111.70 **

111.48 *

111.27 **

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