SGD/JPY may fall 63 - 93 pips

Our pivot point stands at 113.14.

Our preference

Target 111.73.

Alternative scenario

The upside breakout of 113.14, would call for 113.66 and 113.96.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (112.78) but above its 50 period moving average (112.59). Finally, the SGD/JPY has penetrated its lower Bollinger band (112.66).

Supports and resistances

113.96 **

113.66 *

113.14 **

112.94

112.66 last

112.03

111.73 **

111.42 *

111.12 **

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