SGD/JPY 1H Chart: Pressured by 55-, 100– and 200-hour SMAs
The Singapore Dollar has been depreciating against the Japanese Yen after the currency pair reversed from the upper boundary of a long-term descending channel at 83.30.
Currently, the rate is trading near the lower boundary of the junior channel near 82.30. From the theoretical point of view, the pair should aim for the lower boundary of the senior channel. Given this fact, it is expected that the pair might continue following the junior trend. Potential downside targets could be the weekly S2 at 81.95 and the weekly S3 at 81.64.
It is unlikely that the exchange rate could surge towards the upper line of the senior channel due to the resistance of the 55-, 100– and 200-hour SMAs located in the 82.64/82.78 range.
Currently, the rate is trading near the lower boundary of the junior channel near 82.30. From the theoretical point of view, the pair should aim for the lower boundary of the senior channel. Given this fact, it is expected that the pair might continue following the junior trend. Potential downside targets could be the weekly S2 at 81.95 and the weekly S3 at 81.64.
It is unlikely that the exchange rate could surge towards the upper line of the senior channel due to the resistance of the 55-, 100– and 200-hour SMAs located in the 82.64/82.78 range.