SGD/JPY may rise 35 - 50 pips

Our pivot point is at 118.80.

Our preference

Rebound towards 119.54.

Alternative scenario

Below 118.80, expect 118.56 and 118.41.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 119.11 and 119.19).

Supports and resistances

119.84 **

119.69 *

119.54 **

119.39

119.04 last

118.90

118.80 **

118.56 *

118.41 **

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