SGD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
SGD/JPY added 13% in just a month, led by an ascending channel pattern which is still intact. The pair is now making its way through the channel pattern with a target at the bottom trend-line of 81.31. The pair now faces the weekly R2 at 81.71 which it will most likely dash through to test 81.50 before the bottom trend-line is reached. Gains will be cut by the upper trend-line monthly R1 cluster at 82.36 with some more risk at 82.50. A dip below the bottom trend-line would, however, be stalled by a cloud at 80.60.
© Dukascopy Bank SA
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