CLASSIC KINGS CROWN REVERSAL PATTERN
We have a retracement of 61.8. General Rule 38.0/50.0/61.8 retracements targets are 1.618 Projection. Here we are looking to terminate just before that Level.
We have a Head and Shoulders on the RSI that if performs well would signal a Lower High Double Top and have us break below the B level then accelerate price down to the 88.6% Retrace below.
The trend was inclining so there was an opportunity to make some profits.
Took Entry at 98.477 at 2022-06-21020:48 PST
Raised the SL to 98.59
Target Profit: 99.50
Buy Volume: 3.01
Net Earnings before trend changed $ 248.97
June 13th is futures contract expiration. I'm expecting some major volatility for Yen this month. SGDJPY must break 90.750 area to confirm a reversal. In the event of a reversal, I'm targeting 86.000 area.
SGDJPY had Previously forms (BOS) and Now testing the ORDER BLOCK Area Where the Institution Sell Orders are Placed.
So That's why We are seeing SGDJPY Going Downside
Going to be looking for this to reverse and give us about a 70% retrace in the coming weeks i also believe we will see similar action on the USDJPY pair.
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (86.44).
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 a downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (86.44).
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 a downtrend is expected.
. The price is above the 21-Day WEMA, which acts as...
Monthly:
-Nothing that could stop the price to reach the next monthly high.
Weekly:
-Previous high broken was already retested as support.
-Last weekly bullish candle could get filled.
Daily:
-Bullish M pattern.
4H:
-Bullish M pattern.
