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SGD/JPY

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SGDJPY trade ideas

SGD/JPY 1H Chart: Pressured by 55-, 100– and 200-hour SMAsThe Singapore Dollar has been depreciating against the Japanese Yen after the currency pair reversed from the upper boundary of a long-term descending channel at 83.30. Currently, the rate is trading near the lower boundary of the junior channel near 82.30. From the theoretical point of view, the pair should aim for the lower boundary of the senior channel. Given this fact, it is expected that the pair might continue following the junior trend. Potential downside targets could be the weekly S2 at 81.95 and the weekly S3 at 81.64. It is unlikely that the exchange rate could surge towards the upper line of the senior channel due to the resistance of the 55-, 100– and 200-hour SMAs located in the 82.64/82.78 range.
by UnknownUnicorn890690
SGD/JPY Hitting Key Level, High Probability Reversal (Short)Hey Traders today we are looking into this Exotic Pair that looks really interesting to me. SGD/JPY hit Major Resistance Zone and bounced a little above it. From now we could move higher or go down fast and hard. Our first Take Profit level is at 82.550 We could see a Rise back up again from this level and form a Eliot Wave , My Guess however is not. Second Take Profit Level is at 82.055 I think this will be easly within the next few days.
Short
by QW-Trading
SGD/JPY 1H Chart: Short-term decline expectedThe SGD/JPY exchange rate has been tended north since the middle of August when it reversed from the senior channel near 80.10. The general direction is expected to remain north within the scope of the next week. Two important levels to look out for are the monthly PP at 81.88 and the weekly R1 at 81.93. However, technical indicators suggest that this advance might not be immediate, as some downward pressure is likely to push the rate down to the 100-hour SMA at 81.22 or slightly lower to the weekly PP at the 81.09 mark.
by UnknownUnicorn890690
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE. Having completed a E7 GWAVE Euclidean Structure. I am now looking for an E8/E9 Structure. An E9 GWAVE Euclidean Structure has significant consequences on the instrument in question ( and it's related/connected instruments eg other FX pairs, Indices, Interest Rates etc ) !!! These consequences are far beyond the scope of this OPEN platform. As always ....... FIB Retracement Percentage is calculated in a Higher Euclidean Dimension. PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
Short
by GWAVE
1
SGDJPY Short: A change of Original IdeaThis was my recent projection for SGDJPY: I had thought that it could go to 83. However, I would like to change my idea now and I'll tell you why. Firstly, the new Big Picture (4 hourly): I think I may need to explain why I count my waves this way. So let's start from the first corrective up wave W-X-Y in green. Previously I had labelled it as 1-2-3-4-5, even though that was clearly wrong because of the overlap between wave 4 and wave 1. What you are seeing as W is actually a 5-3-5 with the last "5" as an ending diagonal. X is an expanded flat and Y is well, a 5 waves up. The next X is quite clear as a 3-waves and the Z is also clear as a 5. Next we talk about the Fibonacci extension for the 1-2-3-4-5 after Z. Why did I do this? The main reason is because the Fibonacci Extension Tool only goes up to 4.236x. I need to know if there is a Fibonacci relationship between wave 1 and the entire wave structure. Thus, after measuring wave 1, I extend the wave from the bottom of wave 1. It matches exactly, giving me the confidence that the entire down trend belongs to a single wave of a higher degree. Next, we talk about the corrective wave W-X-Y. I had wanted to classify it as A-B-C-D-E originally. But that will be looking at the tree and missing the forest. Put it simply, if the next wave down of a higher degree is supposed to be huge and a continuation of a wave of a 2-higher degree (continuation of the first 1-2-3-4-5 in blue on the left most of the screen), then we cannot label the last corrective structure as a potential triangle because we are expecting a wave 3 instead of a wave C. For the uninitiated, a 3-3-3-3-3 triangle in Elliott Wave context is always the last corrective move before a final impulse move, thus it can only appear in wave B, X, or 4. Now that the reasons on how I labelled the waves are out of the way, it should be clear that SGDJPY is now a short. Add to the fact that the current price level is actually a Support and Resistance Zone for this cross (see the number of turning points in the purple shaded box). More recent times, it actually turned the currency pair thrice (counting this time). The risk-reward on shorting this pair should now be clear. Place your stop above the resistance zone.
Short
by sngyuchao