SGD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After sliding from eight-month highs, SGD/JPY entered a channel down pattern, and lost some volume to the upside, forming a junior falling wedge. The wedge is consistent with the expected movement towards the channel upper trend-line around 80.23 and could break anytime soon, given the stickiness of its top boundary. In case the breakout does not happen and the pair remains inside the bounds of the wedge, some bearish considerations could arise along with the bullish signals sent by the junior pattern. Nevertheless, we will look for tests of 79.73 and then 79.94 before several other areas steal momentum from the upward motion.
© Dukascopy Bank SA
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