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Weekly forecast Canadian Dollar / Japanese Yen technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (94.626 to 94.068). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (94.626)
  • Ending of entry zone (94.068)

DateMarch 25, 2023 - 23:02
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 92.886, beginning of uptrend is expected.
  • We make sure when the resistance at 101.110 breaks.
  • If the support at 92.886 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • A peak is formed in daily chart at 100.873 on 02/28/2023, so more losses to support(s) 94.626, 94.068 and minimum to Major Support (92.886) 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 33.

Take Profits:

  1. 96.696
  2. 98.285
  3. 99.489
  4. 101.110
  5. 102.535
  6. 104.500
  7. 105.920
  8. 110.500
Click on the level to view price action history.