SGD/JPY may rise to 118.46 - 120.46

111.16 is our pivot point.

Our preference

The upside prevails as long as 111.16 is support.

Alternative scenario

The downside breakout of 111.16 would call for 107.82 and 105.84.

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 111.91 and 111.80).

Supports and resistances

124.46 **

122.46 *

120.46 **

118.46

113.85 last

112.47

111.16 **

107.82 *

105.84 **

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