SGDJPY closes higher for the 2nd day in a row
Singapore Dollar/Japanese Yen (SGDJPY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SGDJPY finished the month 1.47% higher at 77.45 after gaining 25 pips (0.32%) today on low volume. Today's close at 77.45 marks the highest recorded closing price since June 9th. Trading up to 17 pips lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 77.41, the pair confirmed its breakout through the previous session high after trading up to 9 pips above it intraday.
Daily Candlestick Chart (SGDJPY as at Jun 30, 2020):
Tuesday's trading range has been 48 pips (0.62%), that's below the last trading month's daily average range of 61 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 SGDJPY.
One bullish candlestick pattern matches today's price action, the White Candle.
The FX pair managed to close back above the 20-day moving average at 77.22 for the first time since June 16th. When this moving average was crossed above the last time on May 18th, SGDJPY gained 0.44% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish 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 Support S1" stand out. Its common bullish interpretation has been confirmed for SGD/JPY. Out of 591 times, SGDJPY closed higher 57.02% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.85% with an average market move of 0.15%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.82% and NZDUSD closing 0.53% higher. On the flipside the worst performers have been USDCAD closing -0.62% lower and USDCHF losing -0.41%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 1.31% and GBPJPY closing 1.16% higher. The worst performers of the day have been USDNOK tanking -1.51% and EURGBP closing -0.9% lower. Read more