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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 (81.35 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 (81.35)
    • Trough on 03/05/2018
    • Support on 03/05/2018
    • Support on 03/07/2018
    • Support on 03/15/2018
    • Support on 03/21/2018
    • Support on 03/22/2018
    • Support on 12/27/2018
    • 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

DateApril 20, 2019 - 12:15
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 78.800, beginning of uptrend is expected.
  • We make sure when the resistance at 85.250 breaks.
  • If the support at 78.800 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The descending flag taking shape suggests we will soon see another leg lower.
  • The RSI bounced from the downtrend #1 and it prevented price from more gains.
  • A trough is formed in daily chart at 81.62 on 03/25/2019, so more gains to resistance(s) 84.25 and maximum to Major Resistance (85.25) 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 52.

Take Profits:

  1. 82.20
  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.