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

#CADJPY
Total Profit: 5595 pip
Closed trade(s): 2303 pip Profit
Open trade(s): 3292 pip Profit

Trade Setup:
We opened 9 BUY trades @ 95.02 based on 'Hammer' entry method at 2023-03-24.

Closed Profit:
TP1 @ 96.696 touched at 2023-03-29 with 168 pip Profit.
TP2 @ 98.285 touched at 2023-03-31 with 327 pip Profit.
TP3 @ 99.489 touched at 2023-04-12 with 447 pip Profit.
TP4 @ 101.110 touched at 2023-05-01 with 609 pip Profit.
TP5 @ 102.535 touched at 2023-05-18 with 752 pip Profit.
168 + 327 + 447 + 609 + 752 = 2303 pip

Open Profit:
Profit for one BUY trade is 103.25(current price) - 95.02(open price) = 823 pip
4 trade(s) still open, therefore total profit for open trade(s) is 823 x 4 = 3292 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 100.580 is broken, we will close open trades.

DateMay 28, 2023 - 19:25
Currentuptrend
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 100.580, resumption of uptrend is expected.
  • We make sure when the resistance at 104.500 breaks.
  • If the support at 100.580 is broken, the short-term forecast -resumption of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 100.580 is broken.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 99.350 on 05/11/2023, so more gains maximum to Major Resistance (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 67.

Take Profits:

  1. 96.707
  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.