SGD/JPY 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
SGD/JPY has been showing inconsistencies in the way it left the 82.08 annual high, with a channel, then wedge and lastly a falling wedge on both the daily and hourly time-frames. The pair is now trading near the upper trend-line of the hourly pattern and might be launching a second attack on it, meaning that the resistance might be at risk. A break above 77.84 would lead straight into a severely clustered area right above, meaning that stickiness from the other side could replace a retracement and lead to 78.05 later on.
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Wed, 19 Apr 2017 07:44:04 GMT

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