SGD/JPY may rise to 121.12 - 122.15

Our pivot point is at 117.38.

Our preference

The upside prevails as long as 117.38 is support.

Alternative scenario

The downside breakout of 117.38 would call for 115.66 and 114.64.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 117.09 and 115.95).

Supports and resistances

124.20 **

123.17 *

122.15 **

121.12

118.99 last

118.05

117.38 **

115.66 *

114.64 **

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