SGD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The situation on the four hour chart for the Singapore Dollar against the Japanese Yen is hard to understand at first glance. However, after deeper analysis one should understand that there are three simultaneously active channels, and among them dominates a descending channel. In addition, the currency exchange rate is highly influenced by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. At the moment the rate is surging, as it approaches the 38.20% Fibonacci retracement level which is located at 80.45. The pair is set to bounce off from this level and continue its path southward because recently the rate already bounced off the dominant channel's upper trend line.
© Dukascopy Bank SA
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