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Weekly forecast Australian Dollar / Japanese Yen technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (90.970 to 92.122). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (90.970)
  • Ending of entry zone (92.122)

DateJanuary 22, 2023 - 20:25
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 93.122, resumption of downtrend is expected.
  • We make sure when the support at 85.904 breaks.
  • If the resistance at 93.122 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of resumption of downtrend is decreased.
  • A trough is formed in daily chart at 88.063 on 01/19/2023, so more gains to resistance(s) 90.970, 92.122 and maximum to Major Resistance (93.122) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 50.

Take Profits:

  1. 88.970
  2. 87.359
  3. 85.904
  4. 84.608
  5. 82.032
  6. 80.200
  7. 78.795
Click on the level to view price action history.