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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

Download MT4 template file

Trade Setup
#CADJPY
Total Profit: 2153 pip
Closed trade(s): 643 pip Profit
Open trade(s): 1510 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 78.49 (day close price) based on 'Hammer' at 2020.10.29 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 79.60 touched at 2020.11.03 with 111 pip Profit.
TP2 @ 80.55 touched at 2020.11.09 with 206 pip Profit.
TP3 @ 81.75 touched at 2020.12.10 with 326 pip Profit.
111 + 206 + 326 = 643 pip

Open Profit:
Profit for one trade is 81.51(current price) - 78.49(open price) = 302 pip
5 trade(s) still open, therefore total profit for open trade(s) is 302 x 5 = 1510 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.

DateJanuary 16, 2021 - 19:14
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 77.60, beginning of uptrend is expected.
  • We make sure when the resistance at 81.75 breaks.
  • If the support at 77.60 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 45 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 82.17 on 01/14/2021, so more losses to support(s) 80.55, 79.60, 78.50 and minimum to Major Support (77.60) 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. 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.