SGD/JPY 1D Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair appreciated by 2200 pips in 12 months since May, 2012. It has been has been trading in a 530 pip range since the mid-June, but narrowing it. The pair has been in a 250 pip range since mid-September and is at the move towards the pattern's resistance. Pair finished last week with a 60 pip sell off, but due to the readings of technical indicators we expect it to resume it's appreciation. We do not neglect the probability that the pair could trail lower, but in such case we expect the pair to bounce from the cluster of technicals levels at 78.550/77.926. In case the pair continues to appreciate we could expect some bearishness around September high and pattern's resistance.

© Dukascopy Bank SA
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