SGD/JPY reversed from support zone
- SGD/JPY reversed from support zone
- Next buy target - 77.70
SGD/JPY continues to rise – following the earlier sharp upward reversal from the support zone lying between the pivotal support level 74.50 (which reversed the previous A-wave in the middle of 2013, as can be seen from the weekly SGD/JPY chart below) and the lower weekly Bollinger Band. The upward reversal from this support zone stopped the 3rd minor impulse wave of the intermediate downward impulse (3) from May.
Given the strength of the aforementioned support zone and the oversold reading on the weekly Stochastic indicator - SGD/JPY can be expected to rise up from the current levels toward the next buy target at the resistance level 77.70.