Since the beginning of 2021, the Singapore Dollar has surged about 6% against the Japanese Yen. From a technical point of view, the SGDJPY reached a very important resistance level from 2020, at 81.92.
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The daily chart already started showing signals of exhaustion around that resistance area. A retracement to the downside could bring the price to 80.00 and 79.00 levels of support. Next week (on Tuesday, April, 13th), investors should keep an eye on the GDP release for the Singapore Dollar, where a lower than expected growth could accelerate the fall on the SGDJPY.
