Forex

SGD/JPY may rise 69 - 100 pips

2024-08-26

Our pivot point is at 109.88.

Our preference

Rebound towards 111.33.

Alternative scenario

The downside breakout of 109.88 would call for 109.36 and 109.05.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 110.52 and 110.99).

Supports and resistances

111.95 **

111.64 *

111.33 **

111.02

110.33 last

110.09

109.88 **

109.36 *

109.05 **

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

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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