JPYSGD declines to lowest close since June 9th
Japanese Yen/Singapore Dollar (JPYSGD) Technical Analysis Report for Aug 11, 2020 | by Techniquant Editorial Team
JPYSGD finished Tuesday at 0.012897 tanking 70 pips (-0.54%). Today's close at 0.012897 marks the lowest recorded closing price since June 9th. Closing below Monday's low at 0.012940, JPY/SGD confirmed its breakout through the prior session low after trading up to 72 pips below it intraday.
Daily Candlestick Chart (JPYSGD as at Aug 11, 2020):
Tuesday's trading range has been 107 pips (0.83%), that's above the last trading month's daily average range of 75 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JPYSGD.
Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Last Engulfing Bottom Pattern showed up on July 22nd, JPYSGD gained 0.28% on the following trading day.
Prices broke below the key technical support level at 0.012933 (now R1), which is likely to act as resistance going forward.
The forex pair shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Down Move" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for JPY/SGD. Out of 201 times, JPYSGD closed higher 53.73% of the time on the next trading day after the market condition occurred.