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Weekly forecast Singapore Dollar / Japanese Yen technical chart
Symbol SGDJPY

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateApril 25, 2020 - 20:02
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 78.600, resumption of downtrend is expected.
  • We make sure when the support at 73.050 breaks.
  • If the resistance at 78.600 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg lower if price breaks and closes below the uptrend line of the triangle.
  • While the RSI resistance #1 at 53 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 76.65 on 04/10/2020, so more losses to support(s) 74.90 and minimum to Major Support (73.05) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 45.