1W Head & Shoulder Going down
Bearish pennant pattern forming, look for a short trade to the downside.
The pair is neutral on 4H (RSI = 51.094, STOCH = 45.249, ADX = 19.312, Highs/Lows = 0.0000) as it is on the median of a Bullish Megaphone pattern. Having made contact on a Higher Low last week, we are expecting a new Higher High. Long, TP = 11.550. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments...
Disclaimer - I could be wrong/Trade at your own risk...
TP = 12.700 hit as the price completed the bullish 1D leg within the 1W Rectangle (RSI = 49.145, Highs/Lows = 0, Ultimate Oscillator = 50.485). After hitting the 12.845 Resistance, the pair is expected to move towards the 12.000 support. We are short again with TP = 12.200.
TP = 12.283 hit on SEKJPY as the 1W Rectangle declined and even marginally crossed the 12.050 Support to form a new base at 11.973. This doesn't alter our support-long/ resistance-short strategy, as the pair is showing significant bullish reversal bias on 1D (overbought STOCHRSI, Williams, CCI, ADX = 22.908, RXO = 2.123). Going long, TP = 12.700.
TP = 12.792 hit as SEKJPY continues the very controlled sideways trade on the 1D Rectangle (RSI = 52.414, STOCH = 49.962, CCI = 9.9279, Highs/Lows = 0). We continue to trade within its ~ 12.100 - 12.850 range, opening a short now, TP = 12.283. Even 1W is neutral on RSI, Highs/Lows, Ultimate Oscillator.
SEKJPY has price a Higher Low on the 4H Channel Up (RSI = 66.713, Highs/Lows = 0.0449, B/BP = 0.1010). This is a long call, TP = 12.792. The upside is limited on 1D to a 12.845 Double Top.
SEKJPY finds support at this level I am going for a buy
After reaching the upper medium term band for 15 % width of band as permitted by the monetary policy, the Swedish central bank and the BOJ undertook market sterilization to slower the strengthening of SEK in the market. Accordingly, short on the sterilization (short term band) is feasible with the following details: Short at 13.60 or the current rate 13.40 Stop...
After reaching 15 % + 1 % width of medium term bands as permitted by the applicable regulation, the BOJ and the Nordic's central banks (Sweden, Danish and Norwegian) undertook central banking market sterilization to slower the strengthening of SEK, DKK and NOK by the JPY. The sterilization will bring those pairs to central band/central parity in short term (short...