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Weekly forecast New Zealand Dollar / Japanese Yen technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateJune 7, 2021 - 11:14
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • Although current trend is uptrend, but we forecast a downtrend wave would begin in Midterm.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 79.2 on 2021-02-25 and the peak at 80.17 on 2021-05-27, 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 80.15 on 05/27/2021, so more losses to support(s) 77.90, 77.10, 75.60 and more depths 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 52.

Supports and Resistances:

  1. 83.35
  2. 81.55
  3. 80.15
  4. 77.10
  5. 75.60
  6. 74.00
  7. 72.80
  8. 71.50
  9. 70.45
  10. 68.85
Click on the level to view price action history.