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Weekly forecast US Dollar / Japanese Yen technical chart
Symbol USDJPY

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Trading suggestion:

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

DateMay 9, 2020 - 21:15
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 104.500, beginning of uptrend is expected.
  • We make sure when the resistance at 110.100 breaks.
  • If the support at 104.500 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
  • A trough is formed in daily chart at 105.99 on 05/07/2020, so more gains to resistance(s) 106.90, 109.40 and maximum to Major Resistance (110.10) 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 43.

Supports and Resistances:

  1. 118.60
  2. 109.40
  3. 102.75
  4. 100.00
Click on the level to view price action history.

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