SGD/JPY 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
While bullish pressures are stemming from the ascending triangle form that SGD/JPY has undertaken during its consolidation phase, there are several factors that bring doubt to the uptrend. A senior channel down has been guiding the pair's movements for about two months already and is now supposed to send the rate packing from the 80.06 area where the upper boundary of the pattern lies. Despite of the strong bullish signal sent by the crossover between the 100 and 200-hour SMAs, an upward sloping trend is unlikely to hold, meaning that it is most likely that an immediate dip comes next.
© Dukascopy Bank SA
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