SGD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar has been depreciating against the Japanese Yen since the middle of December. In addition the currency exchange rate is highly affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. However, the retracement levels have shown that they lack enough strength to force the pair into a move, which would break the descending channel. In fact, the retracement levels are strong enough only to hinder the currency pair's movements. Due to that factor a hypothesis of a decline and a soon upcoming rebound can be made.
© Dukascopy Bank SA
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Wed, 08 Feb 2017 09:27:15 GMT

CAD/HKD 1H Chart: Channel Down

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