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Weekly forecast Australian Dollar / Japanese Yen technical chart

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 93.033 is broken, we will close open trades.

DateMarch 18, 2023 - 18:52
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 87.359, beginning of uptrend is expected.
  • We make sure when the resistance at 93.033 breaks.
  • If the support at 87.359 is broken, the short-term forecast -beginning of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 93.033 is broken.

Technical analysis:

  • A peak is formed in daily chart at 93.010 on 02/15/2023, so more losses to support(s) 88.210 and minimum to Major Support (87.359) 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 35.