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Weekly forecast New Zealand Dollar / Japanese Yen technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (88.907 to 89.900). 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 (88.907)
  • Ending of entry zone (89.900)

DateSeptember 17, 2023 - 13:30
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 89.900, beginning of downtrend is expected.
  • We make sure when the support at 83.500 breaks.
  • If the resistance at 89.900 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 86.275 on 09/05/2023, so more gains to resistance(s) 87.410, 88.907 and maximum to Major Resistance (89.900) 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 55.

Take Profits:

  1. 87.410
  2. 86.275
  3. 85.486
  4. 84.395
  5. 83.500
  6. 81.938
  7. 80.519
Click on the level to view price action history.