SGD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar is depreciating against the Japanese Yen in a channel down pattern, as the currency exchange rate has been struggling with the pattern's upper trend line for the past week. On its way down the pair is likely to find support at two levels, which are represented by the weekly S1 at 74.98 and weekly S2 at 74.31. Below them is located the pattern's lower trend line at 73.70, which is also supported by the monthly S1 at 73.78 and the weekly S3 at 73.47. However, daily aggregate technical indicators forecast a fall in only the next four hours, as on a daily timeframe no changes are expected. Moreover, SWFX trader sentiment shows that 71.26% of open positions are short, which indicates at the pair being already oversold.
© Dukascopy Bank SA
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