SGD/JPY 1H Chart: Short-term decline expected
The SGD/JPY exchange rate has been tended north since the middle of August when it reversed from the senior channel near 80.10.
The general direction is expected to remain north within the scope of the next week. Two important levels to look out for are the monthly PP at 81.88 and the weekly R1 at 81.93.
However, technical indicators suggest that this advance might not be immediate, as some downward pressure is likely to push the rate down to the 100-hour SMA at 81.22 or slightly lower to the weekly PP at the 81.09 mark.
The general direction is expected to remain north within the scope of the next week. Two important levels to look out for are the monthly PP at 81.88 and the weekly R1 at 81.93.
However, technical indicators suggest that this advance might not be immediate, as some downward pressure is likely to push the rate down to the 100-hour SMA at 81.22 or slightly lower to the weekly PP at the 81.09 mark.
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