SGD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
SGD/JPY broke the descending channel pattern to the upside, suggesting that a rally is up next, just before a small scale retracement is executed. The breakout can be attributed to the pair taking in to the senior channel down pattern which can be better observed on the daily chart. The rate has interestingly set a ground at 79.49 by testing and failing at it two consecutive times, and it could come to be of significance when the next wave south takes place. In addition, the fact that the current wave north did not reach the bottom trend-line as planned puts some more doubt on how long the senior channel will maintain its power.
© Dukascopy Bank SA
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