SGD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar is in a quite strange situation against the Japanese Yen from a technical trend analysis perspective, as the currency exchange rate has broken out of a more than a year old descending channel pattern. The breakout occurred after the pair had been trading in a short term descending channel and, after hitting the pattern's lower trend line, the surge was not stopped by the channel up pattern's resistance line. In addition, the pair is oversold, as 72% of open positions are short. However, the currency pair is still set to struggle with the 23.60% Fibonacci retracement, which connects the 2016 high and low levels.
© Dukascopy Bank SA
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Fri, 28 Oct 2016 10:51:40 GMT

HKD/JPY 4H Chart: Channel Up

The Hong Kong Dollar is another currency, which has reversed its direction against the Japanese Yen, as the currency exchange rate broke out of the long term descending channel pattern and has formed an ascending channel. Most recently the currency pair broke the resistance put up by the 23.60% Fibonacci retracement, which connects the 2016 low level with the 2015

Fri, 28 Oct 2016 06:35:10 GMT

CHF/JPY 30M Chart: Channel Up

Led by a rising wedge turned channel up, CHF/JPY added some upside restriction which still requires some confirmation. The pair attempted a small-scale double top formation and got as far as breaking the neckline just before repeated tests of the upper trend-line of the channel at 106.08. While we do expect a slide towards the bottom trend-line of the channel

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