SGD/JPY may rise 58 - 86 pips

Our pivot point is at 114.98.

Our preference

Rebound towards 116.25.

Alternative scenario

The downside breakout of 114.98 would call for 114.51 and 114.24.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 115.40 and 115.48).

Supports and resistances

116.81 **

116.53 *

116.25 **

115.97

115.39 last

115.16

114.98 **

114.51 *

114.24 **

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