| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Buy | Sell |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Neutral | Neutral | Sell |
| Alligator (13; 8; 5) | Sell | Buy | Sell |
| SAR (0.02; 0.2) | Buy | Sell | Buy |
| Aggregate | ⇒ | ⇒ | ⇘ |
Upside momentum has driven the SGD/JPY exchange rate since mid March. This movement has been constrained in a wedge-like formation, as the Singapore Dollar has been gradually diminishing its trading range against the Yen.
This pattern was breached on Tuesday which should point to a further decline south. In addition, the pair moved below the 55-, 100– and 200-hour SMAs—a likewise bearish indication.
It is expected that the current period of consolidation ends in the nearest time, thus allowing the Singapore Dollar to weaken against its Japanese counterpart. This scenario is likewise supported by bearish technical indicators within the following week.
The nearest support is provided by the weekly S1, the monthly PP and the 38.20% Fibonacci retracement near 81.80, while resistance is set by the all three SMAs at 82.40. It is likely that the pair does not stop at 81.80, but continues to depreciate for a longer period of time.