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Weekly forecast Canadian Dollar / Japanese Yen technical chart

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateSeptember 17, 2023 - 05:31
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 104.500, resumption of uptrend is expected.
  • We make sure when the resistance at 110.500 breaks.
  • If the support at 104.500 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI resistance #1 at 58 is broken, so the probability of resumption of uptrend is increased.
  • A trough is formed in daily chart at 107.190 on 09/08/2023, so more gains to resistance(s) 109.330 and maximum to Major Resistance (110.500) 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 64.

Supports and Resistances:

  1. 107.152
  2. 105.920
  3. 104.500
  4. 102.634
  5. 101.234
  6. 99.489
  7. 97.765
  8. 95.852
  9. 94.068
Click on the level to view price action history.