SGD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
As a result of recent fundamental risk on sentiment increase in the financial markets the SGD/JPY currency exchange rate has broken a previously active descending channel pattern. As a result an ascending channel pattern has revealed itself. However, the rate is mainly controlled by the Fibonacci retracement levels, which are measured by connecting the 2016 high and 2016 low levels. The currency pair is on its way to the 38.20% Fibonacci retracement level, which is located at the 80.55 level. Meanwhile, a hypothesis of a surge is supported by the fact that the pair is oversold, as 72% of total SWFX market trader open positions are short.
© Dukascopy Bank SA
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