UptrendRecently touched the support has bee consolidating sideways, possible move to the upside till it touches the resistance. Nice 104 pips to be made. Possible buy opportunity.
JPYSGD trade ideas
SGDJPY technically based forecast
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💡 SGDJPY technicaly based idea, we can see price is bounce from bottom trend line, technicaly indicators showing we can expect higher recovery phase, candels foramtion strong bulish, expecting to see push up in price till top trend line.
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Developing breakdownBreakdown is likely as we got DM breakdown qualifier 1 (prebreakout candle pullback - that green bullish weekly candle, then - the next bearish candle managed to close right on the trendline signifying strong bearish pressure. Current week's candle should be nice bearish breakdown candle).
Intermediate target DM montly pivot. Ca. 53 pips.
Long term target classic monthly S1.
Top Absolute Correlation
1 SGDJPY - CADJPY 90.5%
2 SGDJPY - NZDJPY 87.3%
3 SGDJPY - SEKJPY 86.4%
4 SGDJPY - ZARJPY 85.6%
5 SGDJPY - AUDJPY 85.4%
6 SGDJPY - GBPCHF 84.6%
7 SGDJPY - JPN225 83.2%
8 SGDJPY - USDSGD -82.6%
9 SGDJPY - HK50.n 81.8%
10 SGDJPY - HK50 81.7%
SGDJPY: Buy opportunity within the Bearish Megaphone.The pair is trading within a Bearish Megaphone on the 1W chart (RSI = 36.000, MACD = -0.990, ADX = 37.728) since the January 2018 High. At the moment it is consolidating below the 0.382 Fibonacci retracement level following the Lower Lowe made in early March.
You can see that every Lower High made after a Lower Low, broke the 1W MA200 (orange trend line) and formed a top at least on the 0.618 Fibonacci retracement level from the previous (Lower) High. We are expecting a similar development. You may wait form the MACD bullish cross to confirm the movement. Our Target Zone is 78.500 - 79.500.
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SGDJPY Trading Plan BUY - Riks Reward 1:3 SGDJPY Trading Plan BUY - Riks Reward 1:3
Counter Trend Daily
SGD/JPY H4 Cypher trendfollowingSGD/JPY h4 is showing a cypher pattern in its wedge up. There is also some divergence on the MFI.
I am going to enter long positions as long as it stays in this wedge, sl can be tight because if it breaks out short of the wedge the idea is "wrong" anyway.
Targets are general harmonic targets or the top of the wedge/ major trendline hit.
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38.2% & POSSIBLE 61.8% Retracement LONG GWAVE38.2% & POSSIBLE 61.8% Retracement LONG GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS.
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS.
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS.
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS.
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS.
SGDJPY exepcting higher bearish continuation technicaly based
ENTRY: 77.300
TP: 76.800
TP2: 76.400
TP3: 76.000
SL: 77.900
Chart time frame - 1D
Time for reaching TP - 1-2D
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Potential Correction on JPYSGD?Looking at the trend pattern, there's a potential that the price will go up to the Wave 5 which might signal that there's a potential that the trend is approaching its end and could result in a correction or a reversal.
Looking at the daily chart, we see the price rally beyond the 0.0129 resistance zone but clearly gets rejected which signals that the bulls are having a hard time pushing the price up.
Moreover, both the stochastic and the rsi are currently at the overbought zone which give confluence to our analysis.
