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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

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Trade Setup
#CADJPY
Total Profit: 91 pip
Closed trade(s): 91 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 9 BUY trade(s) @ 81.92 (day close price) based on 'Valley' at 2019.05.10 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 82.20 touched at 2019.05.21 with 28 pip Profit.
TP2 @ 82.55 touched at 2019.05.22 with 63 pip Profit.
28 + 63 = 91 pip

7 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 Buy Zone (81.15 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 (81.15)
    • Resistance on 03/19/2018
    • Support on 03/23/2018
    • Support on 12/27/2018
    • Resistance on 12/31/2018
    • Resistance on 01/04/2019
    • Support on 05/09/2019
    • Support on 05/15/2019
    • Support on 05/17/2019
    • Support on 05/23/2019
  • 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

DateMay 25, 2019 - 20:58
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 80.550, beginning of uptrend is expected.
  • We make sure when the resistance at 84.250 breaks.
  • If the support at 80.550 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.
  • While the RSI support #1 at 29 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 82.62 on 05/22/2019, so more losses to support(s) 81.15 and minimum to Major Support (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 38.

Take Profits:

  1. 82.20
  2. 82.55
  3. 83.35
  4. 84.25
  5. 85.25
  6. 86.30
  7. 88.45
  8. 91.65
Click on the level to view price action history.