SGD/JPY 1H Chart: Pair restricted by 82.80
The Singapore Dollar has been gradually appreciating against the Japanese Yen since it bounced off the senior channel circa 79.75 mid-March. The latest wave up in this junior pattern began on May 29.
The pair should have tested its upper boundary today; however, the strong resistance by the monthly R1 at 82.80 has halted any attempts to reach the given channel this week. This might point to a change in sentiment, thus resulting in a fall within the following session.
If the 55-period (4H), 100– and 200-hour SMAs and the 38.20% Fibo retracement are breached near 82.40, the Singapore Dollar is most likely to decline and target either the 100– and 200-period (4H) SMAs or the monthly PP at 82.00 and 81.50, respectively.
Conversely, the rate moving above 82.80 should be followed by a slight surge until 83.50 prior to making a bearish reversal.
The pair should have tested its upper boundary today; however, the strong resistance by the monthly R1 at 82.80 has halted any attempts to reach the given channel this week. This might point to a change in sentiment, thus resulting in a fall within the following session.
If the 55-period (4H), 100– and 200-hour SMAs and the 38.20% Fibo retracement are breached near 82.40, the Singapore Dollar is most likely to decline and target either the 100– and 200-period (4H) SMAs or the monthly PP at 82.00 and 81.50, respectively.
Conversely, the rate moving above 82.80 should be followed by a slight surge until 83.50 prior to making a bearish reversal.
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