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Weekly forecast US Dollar / Japanese Yen technical chart
Symbol USDJPY

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Trade Setup
#USDJPY
Total Profit: 192 pip
Closed trade(s): 192 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 104.64 (day close price) based on 'Hammer' at 2020.09.21 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/U...

Closed Profit:
TP1 @ 105.20 touched at 2020.09.23 with 56 pip Profit.
TP2 @ 106.00 touched at 2020.10.07 with 136 pip Profit.
56 + 136 = 192 pip

5 other break-even trades closed at entry price, therefore no profit no loss.

#USDJPY
Total Profit: -1538 pip
Closed trade(s): 52 pip Profit
Open trade(s): -1590 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 107.38 based on 'Valley' at 2020.06.12 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/U...

Closed Profit:
TP1 @ 107.90 touched at 2020.06.30 with 52 pip Profit.

Open Profit:
Profit for one trade is 104.73(current price) - 107.38(open price) = -265 pip
6 trade(s) still open, therefore total profit for open trade(s) is -265 x 6 = -1590 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (104.15 to 104.00). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (104.15)
    • Trough on 07/31/2020
    • Support on 07/31/2020
    • Support on 09/21/2020
  • Ending of entry zone (104.00)
    • Support on 09/21/2020

DateOctober 24, 2020 - 21:55
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 104.000, beginning of uptrend is expected.
  • We make sure when the resistance at 106.000 breaks.
  • If the support at 104.000 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 57 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 106.15 on 10/07/2020, so more losses to support(s) 104.15 and minimum to Major Support (104.00) 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 40.

Take Profits:

  1. 105.20
  2. 106.00
  3. 106.95
  4. 107.90
  5. 110.30
  6. 112.25
Click on the level to view price action history.

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