SGD/JPY may rise 31 - 46 pips

Our pivot point is at 119.02.

Our preference

The upside prevails as long as 119.02 is support.

Alternative scenario

The downside breakout of 119.02 would call for 118.77 and 118.63.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 119.20 and 119.17).

Supports and resistances

120.01 **

119.86 *

119.72 **

119.57

119.26 last

119.12

119.02 **

118.77 *

118.63 **

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