SGD/JPY 1H Chart: Bulls could prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)NeutralNeutralBuy
SAR(0.02;0.2)BuySellBuy
Aggregate

The Singapore Dollar continued to appreciate against the Japanese Yen within the rising wedge pattern. As apparent on the chart, the SGD/JPY currency pair has already reversed north from the lower pattern line.  

From a theoretical point of view, it is likely that some upside potential could prevail in the market, as the exchange rate should target the upper pattern line located in the 81.50/82.00 range. 

However, note that the expected advance might not be immediate, as the currency pair would have to surpass the resistance level formed by the Fibonacci 39.70% retracement at 80.61. If the given level holds, the pair could breach the given pattern south.

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