AUD/JPY Currency Pair Forecast
Stronger technical forecast for AUD/JPY currency pair price after Thursday trading.
(Updated on May 16, 2024)
The AUD/JPY currency pair price gained 0.107% on the last trading day (Thursday, 16th May 2024), rising from JP¥103.66 to JP¥103.77. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 1.04% from a day low at JP¥102.78 to a day high of JP¥103.85. The price has risen in 9 of the last 10 days and is up by 2.92% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 170 thousand more shares were traded than the day before. In total, 170 thousand shares were bought and sold for approximately JP¥17.62 million.
The currency pair lies in the middle of a narrow and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the currency pair is expected to rise 5.42% during the next 3 months and, with a 90% probability hold a price between JP¥107.12 and JP¥110.11 at the end of this 3-month period.
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AUDJPY Signals & Forecast
The AUD/JPY currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at JP¥103.16 and JP¥101.01. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 2.92%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for AUD/JPY currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at JP¥97.96 and JP¥97.85. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, AUD/JPY finds support just below today's level at JP¥97.96. If this is broken, then the next support from accumulated volume will be at JP¥97.85 and JP¥97.48.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved JP¥1.07 between high and low, or 1.04%. For the last week the currency pair has had daily average volatility of 0.319%.
Our recommended stop-loss: JP¥98.30 (-5.28%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (AUDJPY) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect AUD/JPY to open at JP¥103.47, and during the day (based on 14 day Average True Range), to move between JP¥103.08 and JP¥104.46, which gives a possible trading interval of +/-JP¥0.691 (+/-0.67%) up or down from last closing price. If AUD/JPY takes out the full calculated possible swing range there will be an estimated 1.33% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ JP¥97.96, some JP¥5.81 (5.60%) from the current price of JP¥103.77, our system finds the risk reward attractive.
Is AUD/JPY currency pair A Buy?
AUD/JPY holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.071 Strong Buy Candidate Upgraded
Predicted Opening Price for AUD/JPY of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| JP¥103.47 ( 0.292%) | JP¥103.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AUDJPY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 104.54 | 0.742 % | |
| R2 | 104.13 | 0.347 % | ||
| R1 | 103.88 | 0.103 % | ||
| Current price: | 103.77 | |||
| Support | S1 | 103.06 | -0.687 % | |
| S2 | 102.81 | -0.93 % | ||
| S3 | 102.40 | -1.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 103.77 | |||
| Support | S1 | 97.96 | -5.60% | |
| S2 | 97.85 | -5.71% | ||
| S3 | 97.48 | -6.06% |
FAQ
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