SGD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar continues to surge against the Japanese Yen, and a stop to the rise of the currency exchange rate is not even close. The rate is being guided in the middle of a large scale ascending channel by a medium term channel up pattern to the dominant pattern's upper trend line. Moreover, most recently there was only one resistance level, which was stopping the currency exchange rate from jumping to the upper trend lines of the both patterns. The resistance was put up by the weekly R1, which is located at 81.44 level. However, traders are advised to watch out and be vigilant, as with the start of a new week, new weekly pivot points are to be measured, and the rate might face additional or no resistance at all until the trend lines.
© Dukascopy Bank SA
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