SGD/JPY may rise 62 - 91 pips

Our pivot point stands at 113.81.

Our preference

The upside prevails as long as 113.81 is support.

Alternative scenario

The downside breakout of 113.81 would call for 113.32 and 113.03.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 114.18 and 114.14).

Supports and resistances

115.72 **

115.43 *

115.14 **

114.85

114.23 last

114.00

113.81 **

113.32 *

113.03 **

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