SGD/JPY 1H Chart: Two scenarios likely
The SGD/JPY currency pair has been trying to surpass the resistance level—the Fibonacci 50.00% retracement at the 83.00 mark.
Two scenarios likely. If given resistance level does not hold, it is likely that the exchange rate go upwards to re-test the upper boundary of a long-term ascending channel located circa 83.45. Important level to look out for is the monthly R1 at 83.16.
Otherwise, a reversal south might occur in the nearest future. A potential downside target is the Fibonacci 38.20% retracement at 80.72.
Two scenarios likely. If given resistance level does not hold, it is likely that the exchange rate go upwards to re-test the upper boundary of a long-term ascending channel located circa 83.45. Important level to look out for is the monthly R1 at 83.16.
Otherwise, a reversal south might occur in the nearest future. A potential downside target is the Fibonacci 38.20% retracement at 80.72.