SGD/JPY may fall to 102.93 - 104.74

Our pivot point is at 112.79.

Our preference

The downside prevails as long as 112.79 is resistance.

Alternative scenario

The upside breakout of 112.79, would call for 115.88 and 117.72.

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 114.83 and 116.28).

Supports and resistances

117.72 **

115.88 *

112.79 **

111.57

109.36 last

104.74

102.93 **

101.12 *

99.32 **

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