SGD/JPY may rise 53 - 78 pips

Our pivot point stands at 110.23.

Our preference

As long as 110.23 is support look for 111.45.

Alternative scenario

The downside breakout of 110.23 would call for 109.82 and 109.57.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 110.40 and 109.93).

Supports and resistances

111.94 **

111.69 *

111.45 **

111.20

110.67 last

110.39

110.23 **

109.82 *

109.57 **

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