SGD/JPY may rise 70 - 101 pips

110.73 is our pivot point.

Our preference

The upside prevails as long as 110.73 is support.

Alternative scenario

The downside breakout of 110.73 would call for 110.20 and 109.89.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 110.97 and 110.91).

Supports and resistances

112.81 **

112.49 *

112.18 **

111.87

111.17 last

110.93

110.73 **

110.20 *

109.89 **

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