SGD/JPY may fall to 104.69 - 106.77

Our pivot point stands at 114.57.

Our preference

The downside prevails as long as 114.57 is resistance.

Alternative scenario

The upside breakout of 114.57, would call for 118.10 and 120.20.

Comment

The RSI is below its neutrality area at 50. 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 and 115.77).

Supports and resistances

120.20 **

118.10 *

114.57 **

113.18

111.66 last

106.77

104.69 **

102.60 *

100.51 **

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