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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

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Trade Setup

#CADJPY
Total Profit: 5065 pip
Closed trade(s): 5065 pip Profit
Open trade(s): 0 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.
TP4 @ 83.25 touched at 2021.02.15 with 476 pip Profit.
TP5 @ 84.75 touched at 2021.02.25 with 626 pip Profit.
TP6 @ 88.45 touched at 2021.04.29 with 996 pip Profit.
111 + 206 + 326 + 476 + 626 + 996 = 2741 pip

Closed Profit:
Profit for one trade is 90.11(current price) - 78.49(open price) = 1162 pip
2 trade(s) closed at market price as trend direction is changed, therefore total profit will increase by 1162 x 2 = 2324 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (90.70 to 91.15). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (90.70)
    • Resistance on 12/09/2015
    • Resistance on 09/12/2017
    • Support on 09/18/2017
    • Support on 09/19/2017
    • Support on 09/20/2017
    • Support on 09/21/2017
    • Support on 09/22/2017
    • Resistance on 10/18/2017
    • Resistance on 10/19/2017
    • Resistance on 10/20/2017
    • Resistance on 05/12/2021
    • Resistance on 05/18/2021
    • Resistance on 06/07/2021
    • Resistance on 06/08/2021
    • Resistance on 06/09/2021
    • Resistance on 06/10/2021
    • Resistance on 06/14/2021
    • Resistance on 06/15/2021
  • Ending of entry zone (91.15)
    • Support on 10/21/2015
    • Support on 10/22/2015
    • Support on 10/29/2015
    • Support on 12/07/2015
    • Resistance on 09/15/2017
    • Resistance on 09/18/2017
    • Resistance on 09/19/2017
    • Resistance on 09/20/2017
    • Resistance on 09/25/2017
    • Resistance on 09/27/2017
    • Resistance on 01/05/2018
    • Resistance on 01/08/2018
    • Resistance on 01/09/2018
    • Resistance on 05/28/2021
    • Resistance on 06/01/2021
    • Peak on 06/03/2021
    • Resistance on 06/03/2021
    • Resistance on 06/04/2021

DateJune 18, 2021 - 00:06
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 91.60, beginning of downtrend is expected.
  • We make sure when the support at 88.30 breaks.
  • If the resistance at 91.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 90.635 on 2021-05-12 and the peak at 91.17 on 2021-06-01, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI resistance #1 at 74 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 91.15 on 06/03/2021, so more losses to support(s) 88.75 and minimum to Major Support (88.30) 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 41.

Take Profits:

  1. 88.75
  2. 88.30
  3. 87.45
  4. 86.05
  5. 85.40
  6. 84.75
  7. 83.25
  8. 81.75
  9. 80.55
  10. 79.60
  11. 78.50
  12. 76.75
Click on the level to view price action history.