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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY
Trade Setup

#CADJPY
Total Profit: 210 pip
Closed trade(s): 210 pip Profit

Trade Setup:
We opened 6 SELL trades @ 105.042 based on 'Peak' entry method at 2022-06-10.

Closed Profit:
TP1 @ 102.937 touched at 2022-06-16 with 210 pip Profit.
5 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (105.811 to 107.179). 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 (105.811)
  • Ending of entry zone (107.179)

DateJune 26, 2022 - 09:41
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 107.179, beginning of downtrend is expected.
  • We make sure when the support at 97.771 breaks.
  • If the resistance at 107.179 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 100.182 on 2022-03-28 and the peak at 107.2 on 2022-06-08, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 105.780 on 06/22/2022, so more losses to support(s) 102.937, 101.110 and minimum to Major Support (97.771) 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 57.

Take Profits:

  1. 102.937
  2. 101.110
  3. 97.771
  4. 92.158
  5. 89.618
Click on the level to view price action history.