SGD/JPY 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar is in a quite strange situation against the Japanese Yen from a technical trend analysis perspective, as the currency exchange rate has broken out of a more than a year old descending channel pattern. The breakout occurred after the pair had been trading in a short term descending channel and, after hitting the pattern's lower trend line, the surge was not stopped by the channel up pattern's resistance line. In addition, the pair is oversold, as 72% of open positions are short. However, the currency pair is still set to struggle with the 23.60% Fibonacci retracement, which connects the 2016 high and low levels.
© Dukascopy Bank SA
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