LONG TERM view of SGD/JPY
Just trying out the Gann Fan technique . Let me know if im doing it right :)
Thanks for viewing ! This is not financial advice.
SGD/JPY is following a bullish trendline on the weekly timeframe. It has rejected twice on the monthly forming a double bottom. It is likely we will see this pair move up from here to the previous high for a re-test of this area.
Pattern: 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.
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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...
SGDJPY 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...
