SGD/JPY may rise 56 - 84 pips

115.12 is our pivot point.

Our preference

The upside prevails as long as 115.12 is support.

Alternative scenario

The downside breakout of 115.12 would call for 114.65 and 114.38.

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 trading above both its 20 and 50 period moving average (respectively at 115.28 and 114.95).

Supports and resistances

116.89 **

116.61 *

116.33 **

116.05

115.49 last

115.31

115.12 **

114.65 *

114.38 **

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