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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (142.10 to 142.70). 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 (142.10)
    • Resistance on 08/31/2020
    • Resistance on 09/01/2020
    • Resistance on 09/02/2020
    • Resistance on 01/12/2021
    • Resistance on 01/13/2021
    • Resistance on 01/14/2021
  • Ending of entry zone (142.70)
    • Resistance on 09/01/2020

DateJanuary 16, 2021 - 21:49
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 142.700, beginning of downtrend is expected.
  • We make sure when the support at 133.050 breaks.
  • If the resistance at 142.700 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 142.22 on 01/13/2021, so more losses to support(s) 140.10, 137.65, 135.65 and minimum to Major Support (133.05) 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 56.

Take Profits:

  1. 140.10
  2. 137.65
  3. 135.65
  4. 133.05
  5. 123.85
Click on the level to view price action history.