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SGD/JPY

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SGDJPY trade ideas

SGD/JPY 1H Chart: Singapore Dollar bullishThe SGD/JPY exchange rate is moving in an eight month descending channel. The pair tested its bottom boundary near 79.60 late in March prior to reversing its sentiment and reaching the other boundary last week. Strong upside risks prevailed in the market on May, thus sending the pair 1.5% lower within a couple of hours. As a result of this plunge, the Singapore Dollar breached a two-month trend-line at 82.00 and has since fallen even lower. Technical indicators demonstrate that the pair might still move slightly lower until 80.00 in the short term, but it should pick up momentum within the following week and begin a medium-term appreciation. The pair faces a strong resistance level formed by the monthly and weekly PPs and the 200-hour SMA at 82.00. The Singapore Dollar is likely to hinder near this area for a while, but it should afterwards pick up momentum and target 85.00.
by UnknownUnicorn890690
SGDJPY Support Zone. Potential Target 82.5I'm looking for shorter time frame (15m) to form on SGDJPY in the coming days to enter long within the pair's support zone defined by confluence of trends and historical structure. Long term structural resistance exists in the 82.5 area where I would no longer be looking to enter long. A sustained break below the support zone shown on the chart would also cause me to stop looking to enter long. In the meantime if/when bullish divergence forms, I'll beginning averaging into a long position with the goal of taking profits along the way, averaging out of the position.
Long
by QuileHills
SGD/JPY 1H Chart: Points to possible declineThe Singapore Dollar has been appreciating against the Japanese Yen for the past few weeks. The pair breached a senior channel late in March and has since reached the upper boundary of a shorter-term descending channel. If looking from a longer perspective, this pattern resembles a range in which the rate has been bounded since early February. The Singapore Dollar was testing the upper boundary of this channel and the monthly R1 at 82.00 late on Tuesday. The given resistance pressured the rate lower back down to the 55– and 100-hour SMA at 81.60. The diminishing trading range in the most junior channel suggests that the rate could respect the 82.00 level and thus edge lower towards the 23.60% Fibonacci retracement and the monthly PP at 80.80 during the following week. This decline might continue even further down to a ten-month low of 79.50.
Short
by UnknownUnicorn890690
A+ BEARISH SGDJPY PLAYSTOP LOSS : 81.953 TAKE PROFIT : 77.201 Risk-reward : ~4x Longer term trend: Bearish Current trend: Bearish General comments: Price hit the 61.8% of the bearish move when price was trending in a rising channel. Price quickly broke the support of the channel and surpassed the 81.45 support area. Price is now retesting the same area as resistance, with a beautiful pin bar piercing through but closed below. What I like: 1) Excellent entry point - stop loss is relatively close-by. 2) Existence of bearish momentum - price breaking the support of the rising channel translates into high odds of price moving towards the 77.2 level. What I dislike: 1) first trouble area nearby - potential area whereby buyers will be more aggressive is around the 79.5-80 region, the most recent swing low. Will be paying attention to how price reacts. Other things to note: nil * Do support by liking and following! All suggestions/feedback welcome! x, iskfx
Short
by PineConnector