SGD/JPY may rise 32 - 47 pips

Our pivot point stands at 118.59.

Our preference

As long as 118.59 is support look for 119.34.

Alternative scenario

The downside breakout of 118.59 would call for 118.33 and 118.17.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 118.78 and 118.64).

Supports and resistances

119.65 **

119.50 *

119.34 **

119.19

118.87 last

118.69

118.59 **

118.33 *

118.17 **

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