SGD/JPY may rise 63 - 94 pips

Our pivot point stands at 110.29.

Our preference

The upside prevails as long as 110.29 is support.

Alternative scenario

The downside breakout of 110.29 would call for 109.77 and 109.46.

Comment

The RSI is above its neutrality area at 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 110.72 and 110.76).

Supports and resistances

112.37 **

112.06 *

111.75 **

111.44

110.81 last

110.50

110.29 **

109.77 *

109.46 **

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