| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Sell |
| RSI(14) | Neutral | Buy | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Buy |
| Alligator(13;8;5) | Sell | Sell | Sell |
| SAR(0.02;0.2) | Sell | Sell | Sell |
| Aggregate | ⇘ | ⇘ | ⇘ |
The Singapore Dollar has been depreciating against the Japanese Yen within the descending channel since the beginning of May. The SGD/JPY exchange rate has already surpassed the 80.00 level.
Given that the rate is pressured by the 55-, 100– and 200-hour SMAs, it is likely, that some downside potential could prevail in the market in the nearest future. Note, that the currency pair could be supported by the lower boundary of the long-term descending channel located circa 78.75.
If the given channel does not hold, a breakout south could occur, and the pair could target the Fibonacci 23.60% retracement at 77.38.