SGD/JPY 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The SGD/JPY currency pair has been trying to surpass the resistance level—the Fibonacci 50.00% retracement at the 82.68 mark.  

Two scenarios likely. If given resistance level does not hold, it is likely that the exchange rate go upwards to re-test the upper boundary of a long-term descending channel located circa 83.20. Important level to look out for is the monthly R1 at 83.05. 

Otherwise, a reversal south might occur in the nearest future. A potential downside target is the Fibonacci 39.70% retracement at 80.61.

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