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Weekly forecast Canadian Dollar / Japanese Yen technical chart
Symbol CADJPY

Download MT4 template file

Trade Setup
#CADJPY
Total Profit: 511 pip
Closed trade(s): 271 pip Profit
Open trade(s): 240 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 78.72 (day close price) based on 'Two-day reversal candle(Hammer)' at 2020.07.31 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 79.60 touched at 2020.08.05 with 88 pip Profit.
TP2 @ 80.55 touched at 2020.08.12 with 183 pip Profit.
88 + 183 = 271 pip

Open Profit:
Profit for one trade is 79.12(current price) - 78.72(open price) = 40 pip
6 trade(s) still open, therefore total profit for open trade(s) is 40 x 6 = 240 pip

Trading suggestion:

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

DateSeptember 19, 2020 - 20:01
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 81.750, beginning of downtrend is expected.
  • We make sure when the support at 78.000 breaks.
  • If the resistance at 81.750 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 39 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 81.55 on 08/28/2020, so more losses to support(s) 78.40 and minimum to Major Support (78.00) 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 38.

Take Profits:

  1. 79.60
  2. 80.55
  3. 81.75
  4. 83.25
  5. 84.75
  6. 88.45
  7. 91.65
Click on the level to view price action history.