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Technical Analysis Special
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SGD/JPY
Thu, Mar 13 2008, 15:09 GMT
by Nicole Elliott
Comment: A major topping pattern developed at 81.00, what had been our upside target, and now a new long term trend to lower prices has started in earnest. A weekly close below 74.00, and/or a sustained break below 72.00, complete this massive complex ‘triple top’ that took the whole of last year to build. The Yen is oversold but then downside pressure is stronger than it has been in a long time. Expect a collapse to 68.00/69.00 where some consolidation is likely, then on down to 67.00 and probably 63.00 if enough of a scramble develops.
A weekly close above 76.50 forces us to re-think.
Published on Thu, Mar 13 2008, 15:11 GMT
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