SGD/JPY may rise to 120.22 - 121.30

Our pivot point stands at 116.14.

Our preference

As long as 116.14 is support look for 121.30.

Alternative scenario

The downside breakout of 116.14 would call for 114.34 and 113.27.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (118.38) but above its 50 period moving average (116.85).

Supports and resistances

123.46 **

122.38 *

121.30 **

120.22

117.87 last

116.85

116.14 **

114.34 *

113.27 **

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