Daily Forex Update: SGD/JPY
AutoChartist | Nov 23, 2011 05:54AM ET
SGD/JPY continues to move inside the Uniform Descending Triangle chart pattern identified by Autochartist on the 15-minute charts. The overall Quality of this chart pattern is rated at the high 8 bar level as a result of the above average Initial Trend (rated at the 6 bar level), near maximum Uniformity (9 bars) and substantial Clarity (8 bars). This chart pattern reverses the previous upward price impulse and develops in line with the prevailing downtrend that can be seen on the daily and the weekly SGD/JPY charts. Both of the connecting points of the lower support trendline of this chart pattern (points C and D on the chart below) formed when the pair reversed up from the support at 59.04, shown on the Key Levels chart below.
As can be seen from the following 15-minute Key Levels chart for SGD/JPY, Autochartist has also recently identified the horizontal Support at 59.04, which helped create both of the connecting points of the lower support trendline of the above Descending Triangle. This level should be broken for the pair to fall further.
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