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 reflects the slow Initial Trend (3 bars), above-average Uniformity (6 bars) and substantial Clarity (8 bars). SGD/JPY is expected to fall further inside this Down Channel – in line with the earlier sharp downward reversal from the key resistance area shown below.

As can be seen from the daily SGD/JPY below, the pair earlier reversed down from the strong resistance area lying between the resistance levels 83.00 and 82.72 (which have been reversing the price from May) – intersecting with the upper daily Bollinger Band. The proximity of this resistance area increases the probability SGD/JPY will continue to rise fall this Down Channel.

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