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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

Trading suggestion:

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

DateJanuary 23, 2022 - 07:30
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 93.020, resumption of downtrend is expected.
  • We make sure when the support at 87.570 breaks.
  • If the resistance at 93.020 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • The RSI resistance #1 at 53 is broken, so the probability of resumption of downtrend is decreased.
  • A peak is formed in daily chart at 92.00 on 01/18/2022, so more losses to support(s) 89.70, 89.34, 88.30 and minimum to Major Support (87.57) 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 47.

Supports and Resistances:

  1. 87.57
  2. 86.05
  3. 85.00
  4. 80.55
  5. 79.60
  6. 78.50
  7. 76.75
Click on the level to view price action history.