SGD/JPY may fall 66 - 89 pips

Our pivot point stands at 116.89.

Our preference

Target 115.53.

Alternative scenario

The upside breakout of 116.89, would call for 117.28 and 117.52.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (116.51) but above its 50 period moving average (116.39).

Supports and resistances

117.52 **

117.28 *

116.89 **

116.74

116.42 last

115.76

115.53 **

115.30 *

115.06 **

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