JAPANESE YEN / SINGAPORE DOLLAR Forum & Chats (FX_IDC:JPYSGD)

cyberFX2019

more bearish move in the way..

Went short here on the daily. Stop loss 112.217 and take profit at 1.10.615

4H Chart is showing a double top formation can be diverting down, but then again after a correction upwards. What's your take guys, since RSI is slightly above 50% mark.

Kugan_GRyde

A possible short-term retracement from a prior upward trend.
News and Analysis: The Japanese Yen is currently under pressure due to expectations of lower inflation, while the US Dollar is experiencing a correction. This situation might impact the SGDJPY pair in the coming days.

Bullbearcub

Going short here on the daily

MoneyQueen8888

Sell position. TP = 110.792

TruckieTrader

SGDJPY has been in a downtrend since late August, and it is currently trading at its lowest level since March 2020. The pair has broken through several key support levels in recent weeks, including the 145.00 and 143.00 levels. The next major support level is at 141.00.

The downtrend in SGDJPY is being driven by a number of factors, including:

The strength of the Japanese yen. The Japanese yen has been one of the strongest currencies in the world in recent months, as investors have sought out safe haven assets amid global economic uncertainty.
The weakness of the Singapore dollar. The Singapore dollar has been one of the weakest currencies in the world in recent months, as the Singapore economy has been hit hard by the global economic slowdown.
The widening interest rate differential between Japan and Singapore. The Bank of Japan has kept interest rates at ultra-low levels, while the Monetary Authority of Singapore has been tightening monetary policy. This has led to a widening interest rate differential between the two countries, which has made the Japanese yen more attractive to investors.
Prognosis

I am bearish on SGDJPY for the next trading week. I believe that the pair will continue to decline as the Japanese yen remains strong and the Singapore dollar remains weak.

Sentiment

The sentiment for SGDJPY is bearish. According to a recent survey of currency analysts, 70% of respondents believe that the pair will decline in the next week.

Recommendations : Bearish

I recommend selling SGDJPY at current levels. The pair is trading at a key support level, and I believe that it is likely to break through this level and continue to decline in the next trading week.

Support: 141.00, 139.00, 137.00
Resistance: 143.00, 145.00, 147.00

The support and resistance levels listed above are based on the following factors:

The support levels are based on previous lows in the price chart.
The resistance levels are based on previous highs in the price chart.
The support and resistance levels are also based on key moving averages, such as the 50-day and 200-day moving averages.