SGD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar has been trading in a descending channel against the Japanese Yen. Meanwhile, the currency exchange rate is also trading in a larger scale ascending channel pattern. Most recently the pair reached the large scale channel's lower trend line and bounced off of it. Due to that it can be assumed that the pair is set to form a new short term pattern, which will guide the rate to the large scale channel's upper trend line. However, during the surge the pair will encounter the 61.80% Fibonacci retracement level at 82.48. The retracement levels, which affect this pairs movements can be measured by connecting 2015 November high level and the 2016 low levels.
© Dukascopy Bank SA
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