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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.

DateJanuary 29, 2023 - 19:24
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

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

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 88.063 on 01/19/2023, so more gains 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 59.

Supports and Resistances:

  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.