USDJPY Weekly Forex Forecast 7th October to 13th October
Midterm forecast:
112.05 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 112.05 is broken.
Technical analysis:
The RSI bounced from the resistance #1 at 74 and it prevented price from more gains.
While the RSI support #2 at 43 is not broken, the probability of price decrease would be too low.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 62.
112.05 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 112.05 is broken.
Technical analysis:
The RSI bounced from the resistance #1 at 74 and it prevented price from more gains.
While the RSI support #2 at 43 is not broken, the probability of price decrease would be too low.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 62.
algorithmic trader - I have quantified sentiment necessary for trading elliott waves