SGD/JPY may rise to 119.55 - 121.17

Our pivot point stands at 113.94.

Our preference

As long as 113.94 is support look for 121.17.

Alternative scenario

The downside breakout of 113.94 would call for 111.23 and 109.62.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 115.89 and 114.60).

Supports and resistances

124.40 **

122.78 *

121.17 **

119.55

116.29 last

115.00

113.94 **

111.23 *

109.62 **

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