SGD/JPY may rise 31 - 46 pips

Our pivot point is at 119.38.

Our preference

As long as 119.38 is support look for 120.09.

Alternative scenario

Below 119.38, expect 119.13 and 118.99.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 119.56 and 119.43).

Supports and resistances

120.38 **

120.24 *

120.09 **

119.94

119.63 last

119.48

119.38 **

119.13 *

118.99 **

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