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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

Trading suggestion:

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

DateOctober 16, 2021 - 13:14
Currentuptrend
Forecastcontinuation of uptrend

Midterm forecast:

  • 91.150 is a major support, while this level is not broken, the Midterm wave will be uptrend.

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.
  • The RSI resistance #1 at 53 is broken, so the probability of continuation of uptrend is increased.
  • A trough is formed in daily chart at 84.92 on 09/20/2021, so more gains to resistance(s) 93.25, 96.10, 101.10 and more heights 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 82.

Supports and Resistances:

  1. 87.45
  2. 86.05
  3. 85.40
  4. 80.55
  5. 79.60
  6. 78.50
  7. 76.75
Click on the level to view price action history.