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Weekly forecast US Dollar / Japanese Yen technical chart
Symbol USDJPY
Trade Setup

#USDJPY
Total Profit: -924 pip
Closed trade(s): 0 pip Profit
Open trade(s): -924 pip Profit

Trade Setup:
We opened 6 SELL trades @ 135.244 based on 'Peak' entry method at 2022-07-01.

Open Profit:
Profit for one SELL trade is 135.244(open price) - 136.776(current price) = -154 pip
6 trade(s) still open, therefore total profit for open trade(s) is -154 x 6 = -924 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJuly 12, 2022 - 17:39
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 137.600, beginning of downtrend is expected.
  • We make sure when the support at 131.369 breaks.
  • If the resistance at 137.600 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 131.249 on 2022-04-28 and the peak at 137.748 on 2022-07-11, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 137.000 on 06/29/2022, so more losses to support(s) 135.580, 134.327, 133.181 and minimum to Major Support (131.369) 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 63.

Take Profits:

  1. 134.327
  2. 133.181
  3. 131.369
  4. 129.442
  5. 128.059
  6. 126.409
  7. 121.271
Click on the level to view price action history.

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