SGD/JPY may rise 48 - 71 pips

Our pivot point is at 116.23.

Our preference

The upside prevails as long as 116.23 is support.

Alternative scenario

The downside breakout of 116.23 would call for 115.83 and 115.60.

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 116.36 and 116.23). Finally, the SGD/JPY has crossed above its upper Bollinger band (116.57).

Supports and resistances

117.76 **

117.53 *

117.29 **

117.06

116.58 last

116.38

116.23 **

115.83 *

115.60 **

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