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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (110.661 to 111.140). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (110.661)
  • Ending of entry zone (111.140)

DateDecember 3, 2023 - 02:27
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 111.140, beginning of downtrend is expected.
  • We make sure when the support at 104.500 breaks.
  • If the resistance at 111.140 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 109.493 on 2023-06-27 and the peak at 111.155 on 2023-09-29, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • A trough is formed in daily chart at 108.050 on 11/30/2023, so more gains to resistance(s) 109.533, 110.661 and maximum to Major Resistance (111.140) 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 47.

Take Profits:

  1. 109.533
  2. 107.152
  3. 105.920
  4. 104.500
  5. 102.634
  6. 101.234
  7. 99.489
  8. 97.765
  9. 95.852
  10. 94.068
Click on the level to view price action history.