SGD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
The Singapore Dollar is surging against the Japanese Yen in an ascending channel pattern. Although the pattern's borders are doubtfully measured, the direction of the currency rate can be forecasted. The pair is heavily affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. As recently the pair hit the support provided by the 50.00% Fibonacci retracement level at the 78.98 mark. The rate is likely set to surge up to the 38.20% Fibonacci retracement level, which is located at the 80.49 level. However, the pair is already overbought, as 73% of SWFX trader open positions are already long.
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