SGD/JPY 1H Chart: Bulls could continue to prevail - Trade Pattern Ideas - Dukascopy Bank

Tue, 02 Jun 2020 12:25:24 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)SellNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuyBuy
Aggregate

The SGD/JPY exchange rate has been appreciating since the beginning of May. The rate has already exceeded the 76.50 level.  

Given that the currency pair is supported by the 55-, 100– and 200-hour moving averages, it is likely that some upside potential could continue to prevail in the market. The pair could reach the Fibo 39.70% at 80.61. 

Meanwhile, note that the exchange rate would have to surpass the Fibo 23.60% at 77.38. If the given resistance holds, it is likely that a reversal south could occur and the rate could re-test the 72.65 mark.


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