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Weekly forecast US Dollar / Japanese Yen technical chart

Trading suggestion:

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

DateJanuary 22, 2022 - 21:26
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 112.490, resumption of uptrend is expected.
  • We make sure when the resistance at 116.400 breaks.
  • If the support at 112.490 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 112.395642 on 2021-10-12, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
  • A peak is formed in daily chart at 115.05 on 01/18/2022, so more losses minimum to Major Support (112.49) 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 39.

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