https://i2.wp.com/synapsetrading.com/wp-content/uploads/2010/09/usdjpy-092210.png?fit=400%2C308&ssl=1 308 400 Spencer Li https://synapsetrading.com/wp-content/uploads/2019/10/logo.jpg Spencer Li2010-09-22 14:32:002020-02-20 16:21:47Currency updates – USD/JPY & EUR/SGD
On this weekly chart of USD/JPY, we can see that the USD has not touched the 20-EMA in quite a while, and has also bounced off the bottom of the channel. Since there is still much bearish pressure, there is a good chance that it will try to test the old lows of 82.85. USD has been weakening against the Yen, which led to the BoJ intervening to prevent a further strengthening of the Yen, by buying USD and selling Yen. An overly strong Yen makes Japanese exporters less competitive in the global market.
On this weekly chart of EUR/SGD, we can see a double bottom trend reversal pattern, after the down trendline was violated. However, given the prior strong downtrend, the bull flag might fail and go into a consolidation instead. This might simply be a 2-leeged pullback before resuming the downtrend. .