SGD/JPY may rise 57 - 83 pips

110.86 is our pivot point.

Our preference

The upside prevails as long as 110.86 is support.

Alternative scenario

The downside breakout of 110.86 would call for 110.41 and 110.14.

Comment

The RSI is above its neutrality area at 50. 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 111.06 and 110.96).

Supports and resistances

112.61 **

112.34 *

112.07 **

111.81

111.24 last

111.03

110.86 **

110.41 *

110.14 **

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