SGD/JPY may rise to 114.84 - 117.27

Our pivot point is at 106.37.

Our preference

Rebound towards 117.27.

Alternative scenario

The downside breakout of 106.37 would call for 102.30 and 99.88.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 111.09 and 114.29).

Supports and resistances

122.13 **

119.70 *

117.27 **

114.84

109.91 last

107.97

106.37 **

102.30 *

99.88 **

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