DKKJPY Retreating slowly?SAXO:DKKJPY DKK is showing signs of weakness and showing downside potential.
Ref. FX:USDJPY
DKKJPY trade ideas
DKKJPY Sell SignalPattern: 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).
DKKJPY: Short opportunity on the 1W Resistance.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, we are expecting at least 16.0200 on this pull back.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
DKKJPY Sell SignalPattern: Channel Down on 1D.
Signal: Bearish as the price made a new Lower High.
Target: 16.320 (next potential Support).
DKKJPY: Sell opportunity on 1W.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 (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
1W Rectangle. Sideways action.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.
Short. Channel Down on 1D.DKKJPY just gave a Lower High on the 1D Channel Down. We are shorting: TP1 16804, TP2 16.449.
DKKJPY MEDIUM TERM PRICE STABILITY BAND TRADINGSHORT 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
SHORT THE DKKJPY DURING CENTRAL BANKS' STERILIZATION PERIODAfter 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 17.60/17.25
Stop loss at 17.70
Target T1. 17.00 T2. 16.50
Duration: 2-3 months
Risk Management:
Manage the stop loss to entry rate after the pair break the level of 16.75 for risk free trading position management.
Note:
To follow and evaluate the performance of this analysis please click the chart and then >, to include any updates on this analysis as may be made during the trading period.
