SGD/JPY 1H Chart: Possible change in sentiment
SGD/JPY was trading in a channel up for two months prior to breaching this pattern to the downside. The pair subsequently fell down to 83.40 and has since remained slightly above this mark.
The current movement sideways suggests that a surge might be due in the nearest time. This assumption could be confirmed if the Singapore Dollar fails to breach the combined support of the monthly S1 circa 83.30 during this week.
The nearest upside target is the 200-hour SMA and the weekly PP near 84.20, while the rate might push towards the monthly and weekly R1s at 85.00 during the following week or two. Its positioning suggests that a surge might follow in the medium term, thus setting the upper wedge boundary circa 85.60 as a possible target.
The current movement sideways suggests that a surge might be due in the nearest time. This assumption could be confirmed if the Singapore Dollar fails to breach the combined support of the monthly S1 circa 83.30 during this week.
The nearest upside target is the 200-hour SMA and the weekly PP near 84.20, while the rate might push towards the monthly and weekly R1s at 85.00 during the following week or two. Its positioning suggests that a surge might follow in the medium term, thus setting the upper wedge boundary circa 85.60 as a possible target.
Penafian
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