JPYSGD closes higher for the 2nd day in a row

Japanese Yen/Singapore Dollar (JPYSGD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team


JPYSGD breaks back above 50-day moving average
JPYSGD fails to close above 20-day moving average
JPYSGD closes higher for the 2nd day in a row
JPYSGD pushes through Thursday's high


Moving higher for the 2nd day in a row, JPYSGD finished the week -0.69% lower at 0.013240 after gaining 67 pips (0.51%) today on low volume. Closing above Thursday's high at 0.013182, JPY/SGD confirmed its breakout through the previous session high after trading up to 82 pips above it intraday.

Daily Candlestick Chart (JPYSGD as at May 22, 2020):

Daily technical analysis candlestick chart for Japanese Yen/Singapore Dollar (JPYSGD) as at May 22, 2020

Friday's trading range has been 113 pips (0.86%), that's above the last trading month's daily average range of 93 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JPYSGD.

One bullish candlestick pattern matches today's price action, the White Candle.

The pair managed to close back above the 50-day moving average at 0.013210 for the first time since May 15th. After spiking up to 0.013264 during the day, the market found resistance at the 20-day moving average at 0.013243. The last time this happened on April 13th, JPYSGD actually gained 0.40% on the following trading day.

Although the currency is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.

Buying might speed up should prices move above the close-by swing high at 0.013344 where further buy stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for JPY/SGD. Out of 482 times, JPYSGD closed lower 56.85% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.56% with an average market move of -0.08%.

Market Conditions for JPYSGD as at May 22, 2020

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