Daily Forex Update: SGD/JPY

By: Dima Chernovolov

SGD/JPY continues to fall inside the daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the significant Initial Trend (7 bars), medium Uniformity (5 bars) and higher Clarity (6 bars). SGD/JPY is expected to fall further inside this Down Channel – in line with the earlier breakout of the powerful support area shown below.

As can be seen from the daily SGD/JPY below, the price recently broke through the key major support zone located between the support levels 80.10 and 79.60 (which have been repeatedly reversing the price from the middle of February). This price area is acting as strong resistance zone after it was broken. The proximity of this resistance zone increases the probability SGD/JPY will continue to fall inside this Down Channel.

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