SGD/JPY may rise 64 - 93 pips

Our pivot point is at 115.34.

Our preference

The upside prevails as long as 115.34 is support.

Alternative scenario

The downside breakout of 115.34 would call for 114.86 and 114.57.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 115.43 and 115.20).

Supports and resistances

117.36 **

117.08 *

116.79 **

116.50

115.86 last

115.53

115.34 **

114.86 *

114.57 **

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