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Weekly forecast New Zealand Dollar / Japanese Yen technical chart
Symbol NZDJPY

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Trade Setup
#NZDJPY
Total Profit: 270 pip
Closed trade(s): 32 pip Profit
Open trade(s): 238 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 77.42 based on ' Peak' entry method at 2021.04.06.

Closed Profit:
TP1 @ 77.10 touched at 2021.04.07 with 32 pip Profit.

Open Profit:
Profit for one trade is 77.42(open price) - 77.08(current price) = 34 pip
7 trade(s) still open, therefore total profit for open trade(s) is 34 x 7 = 238 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.

DateApril 11, 2021 - 09:39
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 79.150, beginning of downtrend is expected.
  • We make sure when the support at 74.000 breaks.
  • If the resistance at 79.150 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 79.145 on 2021-02-24 and the peak at 79.125 on 2021-03-19, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI resistance #1 at 58 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 75.60 on 03/24/2021, so more gains to resistance(s) 77.10, 77.90 and maximum to Major Resistance (79.15) 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 49.

Take Profits:

  1. 77.10
  2. 75.60
  3. 74.00
  4. 72.80
  5. 71.50
  6. 70.45
  7. 68.85
Click on the level to view price action history.