SGD/JPY may rise 59 - 88 pips

Our pivot point stands at 115.55.

Our preference

The upside prevails as long as 115.55 is support.

Alternative scenario

The downside breakout of 115.55 would call for 115.06 and 114.78.

Comment

The RSI is above 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 115.71 and 115.76).

Supports and resistances

117.44 **

117.15 *

116.87 **

116.58

115.99 last

115.74

115.55 **

115.06 *

114.78 **

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