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

#CADJPY
Total Profit: 395 pip
Closed trade(s): 395 pip Profit

Trade Setup:
We opened 6 SELL trades @ 108.459 based on 'Peak' entry method at 2022-09-14.

Closed Profit:
TP1 @ 107.155 touched at 2022-09-21 with 130 pip Profit.
TP2 @ 105.811 touched at 2022-09-22 with 265 pip Profit.
4 other break-even trades closed at entry price, therefore no profit no loss.
130 + 265 = 395 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (109.648 to 110.500). 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 (109.648)
  • Ending of entry zone (110.500)

DateOctober 25, 2022 - 20:50
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 110.500, resumption of downtrend is expected.
  • We make sure when the support at 104.500 breaks.
  • If the resistance at 110.500 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 110.340 on 10/21/2022, so more losses to support(s) 108.395, 107.155, 105.890 and minimum to Major Support (104.500) 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 61.

Take Profits:

  1. 108.395
  2. 107.155
  3. 105.890
  4. 104.500
  5. 102.535
  6. 101.110
  7. 97.771
  8. 92.886
  9. 84.878
Click on the level to view price action history.