JPYSGD breaks back below 20-day moving average
Japanese Yen/Singapore Dollar (JPYSGD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, JPYSGD finished the month -1.44% lower at 0.012912 after losing 41 pips (-0.32%) today on low volume. Today's close at 0.012912 marks the lowest recorded closing price since June 9th. Trading 29 pips higher after the open, JPY/SGD was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Monday's low at 0.012918, the FX pair confirmed its breakout through the prior session low after trading up to 15 pips below it intraday.
Daily Candlestick Chart (JPYSGD as at Jun 30, 2020):
Tuesday's trading range has been 81 pips (0.63%), that's below the last trading month's daily average range of 102 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for JPYSGD.
One bearish candlestick pattern matches today's price action, the Black Candle.
The forex pair closed back below the 20-day moving average at 0.012950 for the first time since June 16th. When this moving average was crossed below the last time on May 18th, JPYSGD lost -0.43% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for JPY/SGD. Out of 595 times, JPYSGD closed lower 55.80% 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 56.47% with an average market move of -0.10%.