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

#CADJPY
Total Profit: 593 pip
Closed trade(s): 113 pip Profit
Open trade(s): 480 pip Profit

Trade Setup:
We opened 7 SELL trades @ 105.634 based on 'Peak' entry method at 2022-11-10.

Closed Profit:
TP1 @ 104.500 touched at 2022-11-11 with 113 pip Profit.

Open Profit:
Profit for one SELL trade is 105.634(open price) - 104.832(current price) = 80 pip
6 trade(s) still open, therefore total profit for open trade(s) is 80 x 6 = 480 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.

DateNovember 20, 2022 - 12:58
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 100.170 breaks.
  • If the resistance at 110.500 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • The double tops taking shape.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 109.005 on 11/04/2022, so more losses to support(s) 104.500, 102.535, 101.110 and minimum to Major Support (100.170) 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 37.

Take Profits:

  1. 104.500
  2. 102.535
  3. 101.110
  4. 97.771
  5. 92.886
  6. 84.878
Click on the level to view price action history.