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

#CADJPY
Total Profit: 3883 pip
Closed trade(s): 1660 pip Profit
Open trade(s): 2223 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.
TP4 @ 97.771 touched at 2022-12-20 with 786 pip Profit.
113 + 309 + 452 + 786 = 1660 pip

Open Profit:
Profit for one SELL trade is 105.634(open price) - 98.218(current price) = 741 pip
3 trade(s) still open, therefore total profit for open trade(s) is 741 x 3 = 2223 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.
DateJanuary 8, 2023 - 18:49
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 104.500, resumption of downtrend is expected.
  • We make sure when the support at 92.886 breaks.
  • If the resistance at 104.500 is broken, the short-term forecast -resumption 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.
  • The RSI downtrend #1 is broken, so the probability of resumption of downtrend is decreased.
  • A trough is formed in daily chart at 95.385 on 01/03/2023, so more gains to resistance(s) 99.309, 101.110, 102.535 and maximum to Major Resistance (104.500) 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 45.

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.
Symbol Released Current Forecast
Canadian Dollar / Japanese Yen (CADJPY) Sun, 14 Apr 2024
Canadian Dollar / Japanese Yen (CADJPY) Sat, 6 Apr 2024
Canadian Dollar / Japanese Yen (CADJPY) Mon, 1 Apr 2024
Canadian Dollar / Japanese Yen (CADJPY) Sun, 31 Mar 2024
Canadian Dollar / Japanese Yen (CADJPY) Sun, 24 Mar 2024
History
Daily-Trading-Opportunities on CADJPY.