The Singapore dollar against the Japanese yen (SGD/JPY) has been on a smooth uptrend since November of last year surging from 64.50 to a 15-year high of 82.44 last month. Although, the forex pair has already dropped by more than 3 percent after setting the 15-year benchmark. Based on my technical analysis, the SGD/JPY is right at the 6-month uptrend and could possibly bounce back up. If it does, the price could be driven back to the recent highs and possibly surpass it given the right setup. On the flip side, a breakdown from the 6-month uptrend could slide the price towards the next support at 78.67. If that doesn’t hold, the next one could be the 77.26 marker.
If you check the USD/JPY daily chart, the movement is very similar to that of the SGD/JPY. In fact, both of them seem to be respecting the 6-month uptrend at the moment (kindly check my recent USD/JPY post here). The trend is your friend but trade at your own risk!