SGD/JPY may fall 69 - 96 pips

Our pivot point stands at 116.49.

Our preference

The downside prevails as long as 116.49 is resistance.

Alternative scenario

The upside breakout of 116.49, would call for 116.96 and 117.23.

Comment

The RSI is below 50. 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 116.28 and 116.43).

Supports and resistances

117.23 **

116.96 *

116.49 **

116.31

116.10 last

115.41

115.14 **

114.86 *

114.59 **

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