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Weekly forecast Australian Dollar / Japanese Yen technical chart

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateMay 15, 2022 - 09:35
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 95.712, resumption of downtrend is expected.
  • We make sure when the support at 86.000 breaks.
  • If the resistance at 95.712 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 94.306 on 2022-03-28 and the peak at 95.729 on 2022-04-20, the probability of uptrend continuation is decreased and the probability of resumption of downtrend is increased.
  • A peak is formed in daily chart at 94.005 on 05/05/2022, so more losses to support(s) 88.860, 87.359 and minimum to Major Support (86.000) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 43.

Supports and Resistances:

  1. 93.949
  2. 92.077
  3. 90.527
  4. 88.860
  5. 87.359
  6. 86.000
  7. 83.865
  8. 73.100
Click on the level to view price action history.