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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

Download MT4 template file

Trade Setup
#CADJPY
Total Profit: 232 pip
Closed trade(s): 232 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 11 SELL trade(s) @ 86.11 (day close price) based on 'Peak' at 2018.11.09 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 85.65 touched at 2018.11.14 with 46 pip Profit.
TP2 @ 84.25 touched at 2018.12.06 with 186 pip Profit.
46 + 186 = 232 pip

9 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 (89.20 to 89.70). 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 (89.20)
    • Resistance on 07/12/2017
    • Resistance on 07/14/2017
    • Resistance on 07/17/2017
    • Resistance on 07/20/2017
    • Resistance on 07/28/2017
    • Support on 10/16/2017
    • Support on 10/17/2017
    • Support on 11/13/2017
    • Resistance on 12/04/2017
    • Resistance on 12/05/2017
    • Resistance on 12/21/2017
    • Resistance on 12/22/2017
    • Support on 12/27/2017
    • Support on 01/18/2018
    • Resistance on 01/22/2018
    • Resistance on 01/23/2018
    • Resistance on 02/01/2018
    • Resistance on 02/02/2018
    • Resistance on 10/01/2018
    • Peak on 10/03/2018
    • Resistance on 10/03/2018
  • Ending of entry zone (89.70)
    • Resistance on 07/26/2017
    • Resistance on 09/06/2017
    • Resistance on 09/07/2017
    • Resistance on 09/08/2017
    • Support on 10/05/2017
    • Support on 10/06/2017
    • Support on 10/09/2017
    • Support on 10/10/2017
    • Support on 10/11/2017
    • Support on 10/20/2017
    • Resistance on 11/06/2017
    • Resistance on 11/07/2017
    • Resistance on 11/10/2017
    • Resistance on 12/27/2017
    • Support on 01/02/2018
    • Support on 01/03/2018
    • Support on 01/04/2018
    • Resistance on 01/17/2018
DateDecember 10, 2018 - 07:17
Currentrange bound
Forecastbeginning 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 86.300 would begin in Midterm.

Technical analysis:

  • The descending flag taking shape suggests we will soon see another leg lower.
  • The RSI bounced from the support #1 at 35 and it prevented price from more losses.
  • While the RSI resistance #2 at 56 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 84.60 on 11/20/2018, so more gains to resistance(s) 85.65 and maximum to Major Resistance (86.30) 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 40.

Take Profits:

  1. 88.45
  2. 87.45
  3. 86.90
  4. 86.30
  5. 85.65
  6. 84.25
  7. 83.50
  8. 82.15
  9. 80.55
  10. 79.60
  11. 78.80
  12. 75.40
  13. 72.15
  14. 68.85
Click on the level to view price action history.
Symbol Released Current Forecast
Canadian Dollar / Japanese Yen (CADJPY) Sun, 14 Apr 2024
Canadian Dollar / Japanese Yen (CADJPY) Sat, 6 Apr 2024
Canadian Dollar / Japanese Yen (CADJPY) Mon, 1 Apr 2024
Canadian Dollar / Japanese Yen (CADJPY) Sun, 31 Mar 2024
Canadian Dollar / Japanese Yen (CADJPY) Sun, 24 Mar 2024
History
Daily-Trading-Opportunities on CADJPY.