SGD/JPY may rise to 118.94 - 120.00

Our pivot point stands at 115.07.

Our preference

As long as 115.07 is support look for 120.

Alternative scenario

Below 115.07, expect 113.30 and 112.25.

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 116.09 and 114.99).

Supports and resistances

122.11 **

121.05 *

120.00 **

118.94

116.79 last

115.77

115.07 **

113.30 *

112.25 **

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