SGD/JPY 1H Chart Emerging Pattern: Triangle

by Admin

Even though the length of this pattern is only 58 bars, the price has already approached the apex of the triangle, meaning that either of the trend-lines forming it should be broken in the nearest future. According to the traders’ sentiment, the pair is likely to decline, falling beneath 75.77, as 65% of SWFX market participants are currently holding short positions.


CAD/HKD 1H Chart

Emerging Pattern: Channel Up

After bouncing around the 200-bar SMA for some time, the currency pair started to exhibit upward tendency 79 hours ago, though it was contained by two parallel trend-lines, which are three and a half figures away from each other. Judging by the technical indicators and traders’ positioning, the Canadian Dollar is poised for additional gains.


USD/JPY 1H Chart

Emerging Pattern: Channel Down

Due to presence of the 200-bar SMA, among other factors, USD/JPY is unable to commence a robust recovery. Nevertheless, nearly three out of four positions on the pair are long, implying that traders are strongly convinced in temporality of the price’s decline and believe that the Japanese Yen is set to weaken further.