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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 (81.30 to 80.55). 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 (81.30)
    • Support on 03/05/2018
    • Support on 03/07/2018
    • Support on 03/15/2018
    • Support on 03/22/2018
    • Support on 12/27/2018
    • Trough on 01/14/2019
    • Support on 01/14/2019
    • Support on 01/15/2019
  • Ending 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

DateFebruary 9, 2019 - 23:24
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 84.000 would begin in Midterm.

Technical analysis:

  • The descending flag taking shape suggests we will soon see another leg lower.
  • A peak is formed in daily chart at 84.00 on 02/04/2019, so more losses to support(s) 82.40 and minimum to Trend Hunter Buy Zone (81.30 to 80.55) 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 49.

Take Profits:

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