SGD/JPY: buy target - 90.00
By: Dima Chernovolov
- SGD/JPY broke strong resistance level 88.70
- Next buy target - 90.00
SGD/JPY continues to rise after recently breaking the strong resistance level 88.70 (former strong support level which reversed the earlier intermediate correction (A) in December, which has been reversing the pair from the middle of January). The breakout of the resistance level 88.70 coincided with the breakout of the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (5) from the middle of October. This double breakout should add to the bullish pressure on this pair in the nearest time.
SGD/JPY is set to rise further toward the next buy target at the round resistance level 90.00 (forecast price for the termination of impulse (3)). Buy stop-loss can be placed below 88.70.