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Weekly forecast US Dollar / Japanese Yen technical chart
Symbol USDJPY

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (110.53 to 111.65). 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 (110.53)
  • Ending of entry zone (111.65)

DateSeptember 12, 2021 - 20:49
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 112.250, beginning of downtrend is expected.
  • We make sure when the support at 106.950 breaks.
  • If the resistance at 112.250 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 110.96 on 2021-03-31 and the peak at 111.652 on 2021-07-02, 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 110.44 on 09/08/2021, so more losses to support(s) 109.70, 109.20, 108.60 and minimum to Major Support (106.95) 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 50.

Take Profits:

  1. 109.20
  2. 108.60
  3. 107.90
  4. 106.95
  5. 106.00
  6. 105.20
  7. 104.45
  8. 103.15
Click on the level to view price action history.

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