| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Buy | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Buy | Neutral |
| Alligator(13;8;5) | Sell | Neutral | Sell |
| SAR(0.02;0.2) | Sell | Sell | Buy |
| Aggregate | ⇘ | ⇒ | ⇒ |
The SGD/JPY exchange rate has been trading downwards since the middle of September after it reversed south from the upper boundary of the falling wedge pattern at 78.93.
Currently, the currency pair is testing the support level formed by the Fibonacci 23.60% retracement at 77.38. Note that the pair is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 77.49/77.90 range. Therefore, bears could continue to prevail in the market. A possible downside target is the lower pattern line located circa 75.00.
However, if the given support level holds, the exchange rate could reverse north and re-test the upper pattern line. If the given wedge does not hold, the rate could target the psychological level at 80.00.