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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY
Trade Setup

#CADJPY
Total Profit: 140 pip
Closed trade(s): 0 pip Profit
Open trade(s): 140 pip Profit

Trade Setup:
We opened 5 SELL trades @ 104.625 based on 'Peak' entry method at 2022-07-01.

Open Profit:
Profit for one SELL trade is 104.625(open price) - 104.348(current price) = 28 pip
5 trade(s) still open, therefore total profit for open trade(s) is 28 x 5 = 140 pip

#CADJPY
Total Profit: 1332 pip
Closed trade(s): 392 pip Profit
Open trade(s): 940 pip Profit

Trade Setup:
We opened 5 SELL trades @ 106.7 based on 'Peak' entry method at 2022-07-21.

Closed Profit:
TP1 @ 102.780 touched at 2022-08-01 with 392 pip Profit.

Open Profit:
Profit for one SELL trade is 106.7(open price) - 104.348(current price) = 235 pip
4 trade(s) still open, therefore total profit for open trade(s) is 235 x 4 = 940 pip

Trading suggestion:

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

DateAugust 6, 2022 - 20:02
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 107.179, beginning of downtrend is expected.
  • We make sure when the support at 97.771 breaks.
  • If the resistance at 107.179 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 107.165 on 2022-06-09 and the peak at 107.634 on 2022-07-21, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 101.395 on 08/02/2022, so more gains to resistance(s) 105.811 and maximum to Major Resistance (107.179) 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 48.

Take Profits:

  1. 102.780
  2. 101.110
  3. 97.771
  4. 92.158
Click on the level to view price action history.