SGDJPY trade ideas
SGDJPY Sell SignalPattern: Bearish Megaphone since early 2018.
Signal: Bearish as the price hit the 1D MA200 and that has been a 2 year Sell Signal except for once.
Target 75.000.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
SGDJPY Divergence
1. 8 Ema has crossed over 21 ema
2. Price action has broke the 50 EMA
3. TDI showing some bearish signals on the RSI
4. Trendline broken
5. If you switch to 4 hour chart you are able to see that price action shows some rejection of major structure.
6. Divergence on both 1 HR and 4HR chart. More prominent on 1HR chart.
7. Breaks Asian Range
**RR could be better
Apologies for the late post...
SGDJPY 31/5/2020SGDJPY has been trading in a trading range between 74.5 and 76 since mid-April.
It looks like it has created a massive inverse head and shoulders inside the range that completed last Friday.
The target of the head and shoulder is around 78 but there are few resistant zones along the way that might pause or stop the price from reaching the price target.
Those levels are good to take some profit off or hedge your long trade if you want to swing trade this setup. (I'm going to analyze the price action around those levels if and when the price gets there.)
Considering the general weakness of JPY, I believe there is a good chance for this setup to work out and hit some of the targets.
Short to weekly S3Price in downtrend and below weekly pivot range.
For educational purposes only.
Top Absolute Correlation 1 hr
1 SGDJPY - SEKJPY 88.6%
2 SGDJPY - NOKJPY 88.3%
3 SGDJPY - AUDJPY 86.2%
4 SGDJPY - JPYX -84.5%
5 SGDJPY - NZDJPY 83.0%
6 SGDJPY - USDSEK -81.0%
7 SGDJPY - AUDCHF 80.0%
8 SGDJPY - EURSEK -78.8%
9 SGDJPY - ZARJPY 78.4%
10 SGDJPY - USDCAD -78.3%
SGD/JPYFrom trend line analysis and price action formation SGD/JPY seems to be bullish in the long term. If you feel like taking a medium risk trade take the 1st trade idea.This trade ensures you don't miss out on the setup. If you don't want to risk that much then be patient and see if price goes to the 2nd entry point.
Enjoy!!!!
Don't miss the great buy opportunity in SGDJPYTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (75.00). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. SGDJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 40.
Take Profits:
TP1= @ 75.65
TP2= @ 76.10
TP3= @ 77.18
SL= Break below S2
Don't miss the great buy opportunity in SGDJPYTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (75.00). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. SGDJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 40.
Take Profits:
TP1= @ 75.65
TP2= @ 76.10
TP3= @ 77.18
SL= Break below S2
SGDJPY LONG; Quantitative Analysis ExplanationCumulative sellers: 10
Quantitative Reversal Power: 9250
This is a quantitative trading approach and these numbers were quantified to a buy in our momentum-reversal quant model.
SGDJPY Bullish buy when 30 minute close above 75.4
very good broke the resistance with good volume and looks good to move from here.
SGDJPY Two Possible ScenariosSGDJPY is currently trading inside this symmetrical triangle (in blue)
waiting for a break either side to buy or sell.
half risk is recommended for the sell since price is sitting at a strong support/demand area.
waiting for a momentum candle close above 76.2 to buy
OR
waiting for a momentum candle close below 75.0 to sell
$SGDJPY short. Short on this pair with SL79.960 and TP 63.241.
Use your own research and use SL or hedge.
SGDJPY ONE MORE DROP AFTER CONSOLIDATION?1. Finally a close outside trendline and triangle
2. Previous 3 times price action has not been able to close outside the trendline.
3. Broke inner shorterm support as well with lower low of candle price action
4. Good risk reward
5. RSI crossed below 50 as well
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.
SGDJPY technically based forecast
📌Short intro:
I am full time trader - analyst * High accuracy of ideas * Technicaly and Fudnamentaly side in analysis * Comment if have any questions or want to send support * Price action - FIBO - Candl pattern * FX - STOCK - CRYPTO * Simple ideas
💡 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.
📌Have on mind, trading involves risk, check idea on your own tactic, if have questions pls comment!
Thanks on supporting!
All best, good luck!
