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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

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Trade Setup

#CADJPY
Total Profit: 166 pip
Closed trade(s): 46 pip Profit
Open trade(s): 120 pip Profit

Trade Setup:
We opened 9 SELL trade(s) @ 84.70 (day close price) based on 'Peak' at 2018.07.19 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 84.25 touched at 2018.08.10 with 46 pip Profit.

Open Profit:
Profit for one trade is 84.70(open price) - 84.56(current price) = 15 pip
8 trade(s) still open, therefore total profit for open trade(s) is 15 x 8 = 120 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.

DateAugust 18, 2018 - 20:40
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 87.350 would begin in Midterm.

Technical analysis:

  • The RSI bounced from the resistance #1 at 66 and it prevented price from more gains.
  • The RSI uptrend #2 is broken, so the probability of resumption of downtrend is increased.
  • While the RSI uptrend #3 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 83.65 on 08/13/2018, so more gains to resistance(s) 85.60, 86.20, 86.75 and maximum to Major Resistance (87.35) 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. 84.25
  2. 83.50
  3. 82.15
  4. 80.55
  5. 78.80
  6. 75.40
  7. 72.15
  8. 68.85
Click on the level to view price action history.