SGD/JPY May Breach 21-DMA Support on Momentum Signals: Charts
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- SGD/JPY could extend decline to 75.12 level near term if able to convincingly breach 21-DMA support, Bloomberg strategist Andrew Robinson writes.
Alert: HALISTER1- 75.12 represents 61.8% Fibonacci retracement of rally from June 24 to July 21
- Slow stochastics and Williams %R are both declining
- MACD has turned lower, heading toward signal and zero lines
- Japan’s draft stimulus plan calls for continued cooperation with BOJ but doesn’t detail size or economic effects of stimulus
- SGD/JPY down 0.9% at 77.00 today; 21-DMA is at 76.93
- NOTE: Andrew Robinson is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Source: BFW (Bloomberg First Word)
To de-activate this alert, click here
UUID: 7947283