SGD/JPY may fall 33 - 49 pips

Our pivot point stands at 117.02.

Our preference

Target 116.31.

Alternative scenario

Above 117.02, look for 117.27 and 117.42.

Comment

The RSI is below its neutrality area at 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 (116.82) but above its 50 period moving average (116.79).

Supports and resistances

117.42 **

117.27 *

117.02 **

116.91

116.80 last

116.47

116.31 **

116.16 *

116.01 **

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