SGD/JPY may fall 63 - 91 pips

115.79 is our pivot point.

Our preference

The downside prevails as long as 115.79 is resistance.

Alternative scenario

The upside breakout of 115.79, would call for 116.28 and 116.56.

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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 115.92 and 115.99). Finally, the SGD/JPY has penetrated its lower Bollinger band (115.34).

Supports and resistances

116.56 **

116.28 *

115.79 **

115.61

115.32 last

114.69

114.41 **

114.12 *

113.83 **

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