SGD/JPY may rise 32 - 47 pips

Our pivot point is at 118.24.

Our preference

Rebound.

Alternative scenario

The downside breakout of 118.24 would call for 117.99 and 117.85.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (118.40) but below its 50 period moving average (118.58).

Supports and resistances

119.24 **

119.10 *

118.95 **

118.80

118.48 last

118.34

118.24 **

117.99 *

117.85 **

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