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Weekly forecast US Dollar / Japanese Yen technical chart
Symbol USDJPY

Trading suggestion:

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

DateOctober 10, 2021 - 13:42
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 110.530, resumption of uptrend is expected.
  • We make sure when the resistance at 112.400 breaks.
  • If the support at 110.530 is broken, the short-term forecast -resumption of uptrend- 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 the correction wave is increased.
  • The RSI resistance #1 at 55 is broken, so the probability of resumption of uptrend is increased.
  • A trough is formed in daily chart at 110.82 on 10/04/2021, so more gains maximum to Major Resistance (112.40) 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 68.

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