ForecastCity

💡 CADJPY . Weekly Technical Analysis Update

FX:CADJPY   Canadian Dollar / Japanese Yen
Midterm forecast:
While the price is above the support 77.60, beginning of uptrend is expected.
We make sure when the resistance at 81.75 breaks.
If the support at 77.60 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
A trough is formed in daily chart at 79.21 on 11/23/2020, so more gains maximum to Major Resistance (81.75) 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 66.

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Comments

I always enjoy your posts. Easy to understand. 👍
+2 Reply
ForecastCity Josef_anderson
@Josef_anderson, Thanks! We're glad you enjoy it.
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Good work! Nice setup. & thanks ;)
+2 Reply
ForecastCity sofi_Morphy
@sofi_Morphy, Thank you for your comment. We appreciate it and wish you the best of luck.
+1 Reply
THX FOR YOUR TIME AND ANALYSIS.
+2 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, You're welcome! We're glad you liked it.
+3 Reply
Cool view on CADJPY
+2 Reply
ForecastCity carefulOwl22772
@carefulOwl22772, Thanks! We're glad you liked it.
+3 Reply
Your ideas are always helpful
+1 Reply
ForecastCity TRADESBYZION
@TRADESBYZION, Thanks.
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