CADJPY Weekly Forex Forecast 1st December to 7th December by yshashmi37 on

Midterm forecast:

There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 91.65 would begin in Midterm.
Technical analysis:

The descending flag taking shape suggests we will soon see another leg lower.
While the RSI resistance #1 at 56 is not broken, the probability of price increase would be too low.
The RSI bounced from the support #2 at 35 and it prevented price from more losses.
A trough is formed in daily chart at 84.60 on 11/20/2018, so more gains to resistance(s) 85.65, 86.90, 87.45 and maximum to Major Resistance (91.65) 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 45.

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