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

#CADJPY
Total Profit: 3270 pip
Closed trade(s): 874 pip Profit
Open trade(s): 2396 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.
TP2 @ 102.535 touched at 2022-11-28 with 309 pip Profit.
TP3 @ 101.110 touched at 2022-12-01 with 452 pip Profit.
113 + 309 + 452 = 874 pip

Open Profit:
Profit for one SELL trade is 105.634(open price) - 99.642(current price) = 599 pip
4 trade(s) still open, therefore total profit for open trade(s) is 599 x 4 = 2396 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.
  • If the Midterm level 104.500 is broken, we will close open trades.

DateDecember 5, 2022 - 21:07
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • While the price is below the resistance 104.500, continuation of downtrend is expected.
  • We make sure when the support at 97.771 breaks.
  • If the resistance at 104.500 is broken, the short-term forecast -continuation of downtrend- will be invalid.
  • We will close our open trades, if the Midterm level 104.500 is broken.

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 105.800 on 11/21/2022, so more losses minimum to Major Support (97.771) 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 27.

Take Profits:

  1. 103.966
  2. 102.535
  3. 101.110
  4. 97.771
  5. 92.886
  6. 84.878
Click on the level to view price action history.