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

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (87.180 to 87.850). 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 (87.180)
  • Ending of entry zone (87.850)

DateJanuary 29, 2023 - 22:40
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 86.195, beginning of downtrend is expected.
  • We make sure when the support at 80.519 breaks.
  • If the resistance at 86.195 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 84.895 on 01/24/2023, so more losses to support(s) 84.016, 82.824, 82.126 and minimum to Major Support (80.519) 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 52.

Take Profits:

  1. 85.550
  2. 84.742
  3. 84.016
  4. 82.824
  5. 82.126
  6. 81.575
  7. 80.519
  8. 79.440
  9. 78.080
  10. 76.610
  11. 75.282
Click on the level to view price action history.