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Weekly forecast Australian Dollar / Japanese Yen technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (87.016 to 85.904). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (87.016)
  • Ending of entry zone (85.904)

DateMay 28, 2023 - 18:49
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 93.033 breaks.
  • If the support at 85.904 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 42 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 90.735 on 05/25/2023, so more gains to resistance(s) 92.048 and maximum to Major Resistance (93.033) 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 56.

Take Profits:

  1. 89.020
  2. 90.051
  3. 90.830
  4. 92.048
  5. 93.033
  6. 94.570
  7. 95.700
  8. 96.870
  9. 98.580
Click on the level to view price action history.