SGD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar surges against the Japanese Yen in an ascending channel pattern. Moreover, the new medium term pattern was strong enough to already break through the upper trend lines of the two larger descending channel patterns, which have dominated the currency exchange rate for more than a year. After a closer examination it was revealed that the rate is not heavily affected by Fibonacci retracement levels of any kind. Due to that technical indicators and market sentiment is the source for additional clues regarding the pair's future outlook. Technical indicators confirm the surge on the four hour and daily timeframe. However, the indicators forecast no changes on a weekly timeframe, which is also confirmed by the fact that the pair is overbought, as 73% of open positions are long.
© Dukascopy Bank SA
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