SGD/JPY 4h Chart: Channel Down

The Singapore Dollar continues to lose ground against the Japanese Yen, as the currency exchange rate continues on its path lower simultaneously in two descending channel patterns. In addition, the currency exchange rate is highly affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. The currency exchange rate is heading for the 38.20% Fibonacci retracement level, which is located at the 78.61 level. Judging by the upper trend line of the junior descending channel pattern, an assumption can be made. The assumption is that at the latest the retracement level will be reached during the late hours of June 19.