SGD/JPY 1H Chart: Short-term decline expected

Source: Dukascopy Bank SA

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

The SGD/JPY exchange rate has been tended north since the middle of August when it reversed from the senior channel near 80.15.  

The general direction is expected to remain north within the scope of the next week. Two important levels to look out for are the monthly PP at 81.90 and the weekly R1 at 81.98.  

However, technical indicators suggest that this advance might not be immediate, as some downward pressure is likely to push the rate down to the 100-hour SMA at 81.21 or slightly lower to the weekly PP at the 81.11 mark.

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