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Weekly forecast Euro / Japanese Yen technical chart
Symbol EURJPY

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Trade Setup
#EURJPY
Total Profit: 6014 pip
Closed trade(s): 6014 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 11 BUY trade(s) @ 116.29 based on 'Valley' at 2020.05.11 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/E...

Closed Profit:
TP1 @ 117.10 touched at 2020.05.18 with 81 pip Profit.
TP2 @ 117.75 touched at 2020.05.19 with 146 pip Profit.
TP3 @ 118.55 touched at 2020.05.27 with 226 pip Profit.
TP4 @ 120.00 touched at 2020.06.02 with 371 pip Profit.
TP5 @ 121.15 touched at 2020.06.02 with 486 pip Profit.
TP6 @ 122.85 touched at 2020.06.04 with 656 pip Profit.
TP7 @ 126.65 touched at 2020.08.13 with 1036 pip Profit.
81 + 146 + 226 + 371 + 486 + 656 + 1036 = 3002 pip

Closed Profit:
Profit for one trade is 123.82(current price) - 116.29(open price) = 753 pip
4 trade(s) closed at market price as the major support is broken, therefore total profit will increase by 753 x 4 = 3012 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (124.40 to 125.25). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (124.40)
    • Peak on 06/05/2020
    • Resistance on 06/05/2020
    • Support on 08/07/2020
    • Support on 08/21/2020
    • Support on 09/09/2020
  • Ending of entry zone (125.25)
    • Support on 08/06/2020
    • Resistance on 08/11/2020
    • Resistance on 08/24/2020
    • Support on 08/26/2020
    • Support on 08/27/2020
    • Support on 08/28/2020
    • Support on 09/03/2020
    • Support on 09/04/2020
    • Support on 09/10/2020
    • Support on 09/11/2020
    • Support on 09/14/2020

DateSeptember 19, 2020 - 20:09
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • While the price is below the resistance 127.050, continuation of downtrend is expected.
  • We make sure when the support at 123.300 breaks.
  • If the resistance at 127.050 is broken, the short-term forecast -continuation of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 124.425 on 2020-06-05 and the peak at 127.07 on 2020-09-01, the probability of uptrend continuation is decreased and the probability of continuation of downtrend is increased.
  • The RSI support #1 at 47 is broken, so the probability of continuation of downtrend is increased.
  • While the RSI uptrend #2 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 127.06 on 09/01/2020, so more losses minimum to Major Support (123.30) 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 39.

Take Profits:

  1. 122.25
  2. 121.15
  3. 119.30
  4. 117.75
  5. 114.45
Click on the level to view price action history.

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