SGD/JPY may fall 36 - 51 pips

Our pivot point stands at 117.47.

Our preference

Under pressure below 117.47.

Alternative scenario

Above 117.47, look for 117.73 and 117.88.

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 trading under both its 20 and 50 period moving average (respectively at 117.37 and 117.27). Finally, the SGD/JPY has penetrated its lower Bollinger band (117.23).

Supports and resistances

117.88 **

117.73 *

117.47 **

117.37

117.21 last

116.85

116.70 **

116.55 *

116.39 **

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