DKKJPY Retreating slowly?SAXO:DKKJPY DKK is showing signs of weakness and showing downside potential.
Ref. FX:USDJPY
DKKJPY
DKKJPY Sell SignalPattern: Channel Down on 1M.
Signal: Bearish as 1D made a Death Cross and started a new bearish leg.
Target: 15.700 (just above the 1W Support).
DKKJPY: Short opportunity on the 1W Resistance.The pair has been on a 1D Channel Up since September (RSI = 54.610, MACD = 0.760, Highs/Lows = 7.6694) which has recently hit the 16.25000 1W Resistance. So far that level has been holding for 10 sessions, indicating strong sell bias. Being also the Higher High of the Channel and since the previous times the 1D RSI has been on similar levels a decline took place, we are expecting at least 16.0200 on this pull back.
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DKKJPY Sell SignalPattern: Channel Down on 1D.
Signal: Bearish as the price made a new Lower High.
Target: 16.320 (next potential Support).
DKKJPY: Sell opportunity on 1W.The pair is on a long term 1M Channel Down (RSI = 46.346, MACD = -0.067, Highs/Lows = -0.0252), which is trading on its inner resisting trend line. This 1W Resistance is waving a short flag (RSI = 47.484, MACD = -0.125, Highs/Lows = 0.0000) here and we are taking this long term short with TP = 16.420.
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1W Rectangle. Sideways action.DKKJPY is trading sideways within a long term 1W Rectange (RSI = 48.280, ADX = 16.028, CCI = -1.8926, Highs/Lows = 0.0000) at 16.755 - 17.700. Our operating scalping zone is 17.000 - 17.480 but for those who seek more risk can engage as low as 16.845. If either the 16.755 Support or the 17.700 Resistance breaks, we will cease engaging.
Short. Channel Down on 1D.DKKJPY just gave a Lower High on the 1D Channel Down. We are shorting: TP1 16804, TP2 16.449.
