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.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
