SGD/JPY continues to advance inside the High Clarity Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level, as a result of the low Initial Trend (rated at the 2 bar level), significant Uniformity (7 bars) and near maximum Clarity (9 bars). The bottom of this Triangle (point C on the chart below) formed when the pair reversed from the strong multi-year support at 58.00 (which had previously reversed the sharp downtrend at the start of 2009, as is shown on the second chart below). The second connecting point of the upper and the lower trendlines of this Triangle (points B and D) formed when the pair reversed from the 50% Fibonacci Correction of the previous price impulses – point B formed at the 50% Fibonacci Retracement of the A to C price and point D formed at the 50% Fibonacci Retracement of the C to B price impulse. The pair is expected to rise further in the direction of the upper resistance trendline of this Triangle.
The following weekly SGD/JPY chart shows the longer-term picture of price action close to the major support at 58.00:
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Daily Forex Update: SGD/JPY
Published 10/26/2011, 04:03 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: SGD/JPY
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