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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

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Trade Setup

#CADJPY
Total Profit: 525 pip
Closed trade(s): 308 pip Profit
Open trade(s): 217 pip Profit

Trade Setup:
We opened 10 SELL trade(s) @ 84.56 (day close price) based on 'Two-day reversal candle (Shooting Star)' at 2018.06.07 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 84.25 touched at 2018.06.08 with 31 pip Profit.
TP2 @ 83.50 touched at 2018.06.18 with 106 pip Profit.
TP3 @ 82.85 touched at 2018.06.19 with 171 pip Profit.
31 + 106 + 171 = 308 pip

Open Profit:
Profit for one trade is 84.56(open price) - 84.25(current price) = 31 pip
7 trade(s) still open, therefore total profit for open trade(s) is 31 x 7 = 217 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.

DateJuly 1, 2018 - 10:10
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • 87.350 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of continuation of downtrend is decreased.
  • A trough is formed in daily chart at 82.15 on 06/25/2018, so more gains to resistance(s) 85.30, 86.05 and maximum to Major Resistance (87.35) 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 54.

Take Profits:

  1. 84.25
  2. 83.50
  3. 82.85
  4. 81.65
  5. 80.55
  6. 78.80
  7. 75.40
  8. 72.15
  9. 68.85
Click on the level to view price action history.