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Weekly forecast British Pound / Japanese Yen technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (185.940 to 186.770). 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 (185.940)
  • Ending of entry zone (186.770)

DateSeptember 16, 2023 - 19:57
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 186.770, beginning of downtrend is expected.
  • We make sure when the support at 172.603 breaks.
  • If the resistance at 186.770 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 184.007 on 2023-07-05 and the peak at 186.761 on 2023-08-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 186.770 on 08/22/2023, so more losses to support(s) 180.661, 178.344, 176.339 and minimum to Major Support (172.603) 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 46.

Take Profits:

  1. 183.289
  2. 180.661
  3. 178.344
  4. 176.339
  5. 172.603
  6. 169.135
  7. 165.982
  8. 162.467
  9. 159.515
  10. 155.433
Click on the level to view price action history.