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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

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Trading suggestion:

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

DateMay 30, 2020 - 19:57
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 73.850, beginning of uptrend is expected.
  • We make sure when the resistance at 79.400 breaks.
  • If the support at 73.850 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The descending flag taking shape suggests we will soon see another leg lower.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 76.53 on 05/22/2020, so more gains to resistance(s) 78.50 and maximum to Major Resistance (79.40) 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 60.

Supports and Resistances:

  1. 91.65
  2. 88.45
  3. 86.30
  4. 81.55
  5. 78.50
  6. 76.75
  7. 75.40
Click on the level to view price action history.

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