SGD/JPY may rise to 117.98 - 120.13

Our pivot point stands at 110.21.

Our preference

The upside prevails as long as 110.21 is support.

Alternative scenario

Below 110.21, expect 106.61 and 104.46.

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 trading above both its 20 and 50 period moving average (respectively at 111.19 and 110.99).

Supports and resistances

124.44 **

122.29 *

120.13 **

117.98

113.30 last

111.62

110.21 **

106.61 *

104.46 **

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