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Weekly forecast Swiss Franc / Japanese Yen technical chart
Symbol CHFJPY

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Trade Setup
#CHFJPY
Total Profit: -126 pip
Closed trade(s): 49 pip Profit
Open trade(s): -175 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 116.84 (day close price) based on 'Shooting star' at 2021.01.14 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 116.35 touched at 2021.01.18 with 49 pip Profit.

Open Profit:
Profit for one trade is 116.84(open price) - 117.09(current price) = -25 pip
7 trade(s) still open, therefore total profit for open trade(s) is -25 x 7 = -175 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJanuary 23, 2021 - 17:16
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 117.900, beginning of downtrend is expected.
  • We make sure when the support at 113.650 breaks.
  • If the resistance at 117.900 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 61 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 117.55 on 01/08/2021, so more losses to support(s) 116.35, 115.30, 114.60 and minimum to Major Support (113.65) 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 56.

Take Profits:

  1. 116.35
  2. 115.30
  3. 114.60
  4. 113.65
  5. 111.95
  6. 108.65
  7. 106.75
Click on the level to view price action history.