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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

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Trade Setup
#CADJPY
Total Profit: 1807 pip
Closed trade(s): 271 pip Profit
Open trade(s): 1536 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 78.72 (day close price) based on 'Two-day reversal candle(Hammer)' at 2020.07.31 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 79.60 touched at 2020.08.05 with 88 pip Profit.
TP2 @ 80.55 touched at 2020.08.12 with 183 pip Profit.
88 + 183 = 271 pip

Open Profit:
Profit for one trade is 81.28(current price) - 78.72(open price) = 256 pip
6 trade(s) still open, therefore total profit for open trade(s) is 256 x 6 = 1536 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateSeptember 5, 2020 - 22:25
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 81.750, beginning of downtrend is expected.
  • We make sure when the support at 78.000 breaks.
  • If the resistance at 81.750 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI bounced from the support #1 at 39 and it prevented price from more losses.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 80.97 on 08/13/2020, so more losses to support(s) 80.55, 79.60, 78.40 and minimum to Major Support (78.00) 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.

Take Profits:

  1. 79.60
  2. 80.55
  3. 81.75
  4. 83.25
  5. 84.75
  6. 88.45
  7. 91.65
Click on the level to view price action history.