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CADJPY Weekly Forex Forecast 21st October to 27th October by yshashmi37 on TradingView.com
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.
The RSI bounced from the downtrend #1 and it prevented price from more gains.
The RSI uptrend #2 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 86.90 on 10/16/2018, so more losses to support(s) 85.05, 84.25, 83.50 and more depths 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 44.
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