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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (80.55 to 79.65). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (80.55)
    • Support on 04/21/2017
    • Support on 05/18/2017
    • Trough on 03/19/2018
    • Support on 03/19/2018
  • Ending of entry zone (79.65)
    • Resistance on 10/18/2016
    • Resistance on 11/10/2016
    • Support on 11/15/2016
    • Support on 01/02/2019
    • Support on 01/03/2019
    • Support on 01/04/2019

DateFebruary 2, 2019 - 18:54
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 83.75 would begin in Midterm.

Technical analysis:

  • The descending flag taking shape suggests we will soon see another leg lower.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 81.75 on 01/22/2019, so more gains maximum to Major Resistance (83.75) 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 60.

Take Profits:

  1. 81.65
  2. 82.40
  3. 83.50
  4. 84.25
  5. 85.25
  6. 86.30
  7. 86.95
  8. 88.45
  9. 89.25
  10. 91.65
Click on the level to view price action history.