USDJPY Weekly Forex Forecast 14th October to 20th October by yshashmi37 on

Midterm forecast:

While the price is below the resistance 114.55, beginning of downtrend is expected.
We make sure when the support at 111.65 breaks.
If the resistance at 114.55 is broken, the short-term forecast -beginning of downtrend- will be invalid.
We will close our open trades, if the Midterm level 111.65 is broken.
Technical analysis:

The RSI bounced from the resistance #1 at 74 and it prevented price from more gains.
The RSI uptrend #2 is broken, so the probability of beginning of downtrend is increased.
While the RSI support #3 at 43 is not broken, the probability of price decrease would be too low.
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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