SAXO:DKKJPY DKK is showing signs of weakness and showing downside potential. Ref. FX:USDJPY
Pattern: Channel Down on 1M. Signal: Bearish as 1D made a Death Cross and started a new bearish leg. Target: 15.700 (just above the 1W Support).
The pair has been on a 1D Channel Up since September (RSI = 54.610, MACD = 0.760, Highs/Lows = 7.6694) which has recently hit the 16.25000 1W Resistance. So far that level has been holding for 10 sessions, indicating strong sell bias. Being also the Higher High of the Channel and since the previous times the 1D RSI has been on similar levels a decline took place,...
Pattern: Channel Down on 1D. Signal: Bearish as the price made a new Lower High. Target: 16.320 (next potential Support).
The pair is on a long term 1M Channel Down (RSI = 46.346, MACD = -0.067, Highs/Lows = -0.0252), which is trading on its inner resisting trend line. This 1W Resistance is waving a short flag (RSI = 47.484, MACD = -0.125, Highs/Lows = 0.0000) here and we are taking this long term short with TP = 16.420. ** If you like our free content follow our profile...
DKKJPY is trading sideways within a long term 1W Rectange (RSI = 48.280, ADX = 16.028, CCI = -1.8926, Highs/Lows = 0.0000) at 16.755 - 17.700. Our operating scalping zone is 17.000 - 17.480 but for those who seek more risk can engage as low as 16.845. If either the 16.755 Support or the 17.700 Resistance breaks, we will cease engaging.
DKKJPY just gave a Lower High on the 1D Channel Down. We are shorting: TP1 16804, TP2 16.449.
SHORT DKKJPY AT 17.3770/17.4000 STOP LOSS AT 17.7570 TARGET 1. 16.6000 TARGET 2. 15.6000 TARGET 3. 15.0000 DURATION: 2-5 MONTHS
After visiting the level of 17.60 the upper medium term band for 15 % width of band as permitted by the monetary policy, then the BOJ and Danish central bank undertook market sterilization to slower the strengthening of DKK by JPY. Accordingly, short DKKJPY during the central banks' market sterilization become feasible with the following details: Short at...