SGD/JPY may fall 61 - 90 pips

Our pivot point is at 116.40.

Our preference

Target 115.05.

Alternative scenario

Above 116.40, look for 116.89 and 117.17.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (116) but above its 50 period moving average (115.91).

Supports and resistances

117.17 **

116.89 *

116.40 **

116.21

115.95 last

115.34

115.05 **

114.77 *

114.48 **

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