As a result of a bounce off from a combined support of a long term large scale ascending channel pattern and a Fibonacci retracement level the Singapore Dollar is surging against the Japanese Yen in a medium scale ascending channel pattern. The channel has already passed the resistance, which is put up by the 38.20% Fibonacci retracement level at 80.36. The rate is likely going to reach for the 50.00% retracement at the 82.76 level. The mentioned Fibonacci retracement levels are measured by connecting the 2016 low and 2015 high levels. However, the currency pair is already overbought, as 73% of open positions are long. This signals that the medium pattern might soon become obsolete and a larger trend will reveal itself.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1,258/59 | Weekly R1; 100 and 200-period SMAs | MACD (12; 26; 9) | Sell | Sell | Buy | ||
| R3 | 1,249 | 50.00% Fibo | RSI (14) | Neutral | Buy | Neutral | ||
| R2 | 1,242/44 | Trend; weekly PP; monthly S1; 55 SMA | Stochastic (5; 3; 3) | Sell | Neutral | Sell | ||
| R1 | 1,224 | Trend line | ADX (14) | Sell | Sell | Neutral | ||
| S1 | 1,222 | Trend line | CCI (14) | Neutral | Buy | Neutral | ||
| S2 | 1,219/18 | 38.20% Fibo; monthly S2 | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1,212/11 | Weekly S2; trend line | Alligator (13; 8; 5) | Sell | Sell | Buy | ||
| S4 | 1,202 | Trend line | SAR (0.02; 0.2) | Sell | Sell | Buy | ||
| Aggregate | ↘ | → | ↗ |