SGD/JPY DOUBLE BOTTOM & WAY OVERDUE FOR RETRACEMENT

SGD/JPY Looked like it was going to break out of the long term trend channel but had no backing, and now it's looking like it's setting up for a long position. The RSI is showing some minor divergences and price has double bottomed. It very well could head lower, but I just don't think it has the strength anymore, even after the retest of that trendline. Keep your eyes peeled for bullish price action.

Comment:

This is a brutal position, but it looks to be forming a descending wedge on the 4hr, and I am praying to the trading gods(jewish bankers) that it holds and avoids hitting my stop.

Trade closed: stop reached:

80.453