The SGD/JPY exchange rate has been trading within an ascending triangle pattern since the end of June.
From a theoretical point of view, it is likely that the currency pair could continue to trade sideways within the given pattern until the second half of August.
Meanwhile, note that the exchange rate is supported by the 55-, 100– and 200-hour moving averages in the 77.20 area. Thus, a breakout north could occur in the nearest future, and the rate could target the psychological level at 79.00.
