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SGD/JPY 1H Chart: Points to possible decline

FX_IDC:SGDJPY   SINGAPORE DOLLAR / JAPANESE YEN
The Singapore Dollar has been appreciating against the Japanese Yen for the past few weeks. The pair breached a senior channel late in March and has since reached the upper boundary of a shorter-term descending channel .

If looking from a longer perspective, this pattern resembles a range in which the rate has been bounded since early February. The Singapore Dollar was testing the upper boundary of this channel and the monthly R1 at 82.00 late on Tuesday. The given resistance pressured the rate lower back down to the 55– and 100-hour SMA at 81.60.

The diminishing trading range in the most junior channel suggests that the rate could respect the 82.00 level and thus edge lower towards the 23.60% Fibonacci retracement and the monthly PP at 80.80 during the following week. This decline might continue even further down to a ten-month low of 79.50.
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