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Weekly forecast New Zealand Dollar / Japanese Yen technical chart

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Trade Setup
Total Profit: -1011 pip
Closed trade(s): 32 pip Profit
Open trade(s): -1043 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 77.42 based on ' Peak' entry method at 2021.04.06.

Closed Profit:
TP1 @ 77.10 touched at 2021.04.07 with 32 pip Profit.

Open Profit:
Profit for one trade is 77.42(open price) - 78.91(current price) = -149 pip
7 trade(s) still open, therefore total profit for open trade(s) is -149 x 7 = -1043 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.

DateMay 8, 2021 - 12:47
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 79.15, beginning of downtrend is expected.
  • We make sure when the support at 75.60 breaks.
  • If the resistance at 79.15 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 77.70 on 05/04/2021, so more gains maximum to Major Resistance (79.15) 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 61.

Take Profits:

  1. 77.10
  2. 75.60
  3. 74.00
  4. 72.80
  5. 71.50
  6. 70.45
  7. 68.85
Click on the level to view price action history.