SGD/JPY 1H Chart: Falling wedge

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Source: Dukascopy Bank SA
SGD/JPY slid from four-month highs at 82.09 to lose around four percent and now appears to be on its way to confirm a channel down in a small-scale falling wedge which is bound to break to the upside. The top boundary has already proved its recent stickiness despite the solid wave south which is most likely to not get to the bottom trend-line of the wedge, but rather bounce off the 78.54 area in order to start a rally to the upper trend-line of the senior channel. The rate is now struggling with the 78.64 area and will most likely break it to open the way to the channel bottom immediately.
© Dukascopy Bank SA
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