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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

Download MT4 template file

Trade Setup

#CADJPY
Total Profit: 46 pip
Closed trade(s): 46 pip Profit
Open trade(s): 0 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.

8 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (86.20 to 86.75). 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 (86.20)
    • Support on 08/18/2017
    • Support on 02/08/2018
    • Support on 02/09/2018
    • Support on 02/12/2018
    • Resistance on 08/01/2018
    • Resistance on 08/28/2018
    • Resistance on 09/13/2018
  • Ending of entry zone (86.75)
    • Support on 08/21/2017
    • Support on 08/22/2017
    • Support on 08/23/2017
    • Support on 08/24/2017
    • Support on 08/29/2017
    • Trough on 11/28/2017
    • Support on 11/28/2017
    • Support on 11/29/2017
    • Support on 11/30/2017
    • Support on 02/06/2018
    • Resistance on 05/17/2018
    • Resistance on 05/18/2018

DateSeptember 16, 2018 - 18:21
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:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 83.75 on 09/06/2018, so more gains to resistance(s) 86.20, 86.75 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 58.

Take Profits:

  1. 85.45
  2. 84.55
  3. 83.50
  4. 82.15
  5. 80.55
  6. 78.80
  7. 75.40
  8. 72.15
  9. 68.85
Click on the level to view price action history.