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SGD/JPY 4H Chart: Upside potential could prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA
4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)SellNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate⇒⇗⇗

[ANNOUNCE] As apparent on the chart, the SGD/JPY exchange rate breached the ascending triangle pattern north. [/ANNOUNCE] 

Given that the currency pair is supported by the 55-, 100– and 200-period moving averages in the 78.14/78.40 range, it is likely that some upside potential could prevail in the market. The pair could target the Fibo 39.70% at 80.61. 

In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the Fibo 23.60% located at 77.38.

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