SGDJPY trade ideas
SGD/JPY 4H Chart: Singapore Dollar tests long-term channelThe dominant long-term pattern which as confined SGD/JPY since mid-2016 is an ascending wedge. This long-term pattern is mentioned because the rate bounced of its lower boundary on Tuesday. Thus, the Singapore Dollar’s attempt to reach the bottom line of a five-week channel was stopped near 82.60.
The rate has since edged slightly higher during the previous session; however, the rate still faces several noteworthy resistance areas, such as the 55-hour SMA and the 38.20% Fibo at 83.30 and the monthly PP, the 23.6% Fibo and the 200-hour SMA circa 83.45, that are likely to hinder the pair for a brief period of time. These barriers, however, should eventually surrender and allow the pair to initiate a medium-term surge.
A possible target for the following week could be the psychological 84.00 level.
It pays to be a followerA simple strategy. This a rising channel pattern. You can see the price action close above 21 EMA and possibly moving to hit the peak of the previous high, a low risk opportunity, in my opinion.
SGD/JPY 1H Chart: Possible change in sentimentSGD/JPY was trading in a channel up for two months prior to breaching this pattern to the downside. The pair subsequently fell down to 83.40 and has since remained slightly above this mark.
The current movement sideways suggests that a surge might be due in the nearest time. This assumption could be confirmed if the Singapore Dollar fails to breach the combined support of the monthly S1 circa 83.30 during this week.
The nearest upside target is the 200-hour SMA and the weekly PP near 84.20, while the rate might push towards the monthly and weekly R1s at 85.00 during the following week or two. Its positioning suggests that a surge might follow in the medium term, thus setting the upper wedge boundary circa 85.60 as a possible target.
SGDJPY looks good to shortIf today price action close with bearish candle we can short SGDJPY next week.
SGDJPY 4h sell top of rangePrice reached the top of the range. It has shown rejection to the 84.00 level,
where it formed a sort of triple top. Short while 84.00 holds as resistance.
shorti ll go short. target the half position 2 cents lower and the other half 4 cents lower from the current price. stop loss 1 cent higher
SGD/JPY 1H Chart: Rate tests short-term channelA pattern that has dominated the SGD/JPY currency pair since late April is an ascending wedge. It seems that the maturity of this pattern could be reached within the following weeks, thus pointing to a possible breakout south.
In the short term, the Singapore Dollar bounced off the upper wedge boundary early in November and has since edged lower; thus, another formation—a more chaotic channel down—is apparent on the chart.
This pattern is guiding the pair towards the lower wedge boundary in the 81.90/82.20 area. The given channel is expected to dominate, thus pointing to weakening during the following week.
The nearest support is the 200-hour SMA, the weekly and monthly PPs circa 83.20. The Singapore Dollar might hinder near this mark, but should eventually breach it and approach the weekly and monthly S1s at 82.50.
Long observed SGDJPYHello Traders,
Long opportunity for SGDJPY
R:R approx 1 to 1
I will be honored for your reflections.
Thank you.
Short Observed SGDJPY intradayHello Traders,
Short opportunity for SGDJPY.
R:R approx 1 to 1.5+
Hope to hear your reflections on this set - up.
Trade with care.
Thnk you.
SGD/JPY 1H Chart: Several patterns at playThe pair’s movement has been guided by several patterns, the most eminent of which are a long-term ascending wedge (valid since mid-2016) and two shorter-term patterns—a channel up and descending wedge.
The Singapore Dollar bounced off the upper line of all three patterns on October 25 when it found the resistance of the weekly R1 at 83.74 and is now weakening against the Yen in the previously-mentioned descending wedge.
It should also be noted that the pair breached a three-month channel up last Friday. This factor together with characteristics of the junior wedge suggest that the pair might form a retracement near the 83.50/60 mark prior to resuming its movement down to the lower channel boundary circa 82.60/80.
Given that the rate faces a significant resistance area set by the 55-, 100– and 200-hour SMAs and the weekly PP, the rate might not even gain enough strength for the retracement, thus continuing to trade lower both in short- and medium term.
SGDJPY might be uptrend, still waiting for Chikou Span validateI think that if the chikou span line gets over the price then there could be an uptrend for it
SGD/JPY 1H Chart: Channel UpThe Singapore Dollar has formed a near-term ascending channel against the Yen. The pair has currently reached its 2017 high, thus it may edge lower in the upcoming days. This assumption may be supported by trend indicators that demonstrate the weakening of the up-trend. Nevertheless, there is still some slight upside potential that may push the Dollar towards the upper channel boundary. By and large, the up-trend has been effectively supported by the 55-hour SMA that should be breached in order to confirm the prevalence of the bearish sentiment.
SGDJPY 1d sell the retestAlarm went off on this one.
- Price reacted above 81.50, 82.00.
- Price recently broke 81.00 support area.
- Now retesting as resistance, retesting fast MA.
Gartley Pattern Let's see if we can make some pips earlier in this week.This Gartley appears in this tf but if you see in the Daily chart this pair is in a support level , if the price hits target one ,then i close the half of the position, adjust the stop loss to break even and then we can wait without stress to see if price hits target 2 .
