SGD/JPY may rise 55 - 78 pips

116.02 is our pivot point.

Our preference

As long as 116.02 is support look for 117.14.

Alternative scenario

The downside breakout of 116.02 would call for 115.63 and 115.40.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 116.36 and 116.27).

Supports and resistances

117.61 **

117.38 *

117.14 **

116.91

116.36 last

116.18

116.02 **

115.63 *

115.40 **

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