CAD/JPY Currency Pair Forecast

Stronger technical forecast for CAD/JPY currency pair price after Friday trading.
(Updated on May 17, 2024)

CADJPY Signals & Forecast

The CAD/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¥114.08 and JP¥112.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 2.32%. 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 CAD/JPY currency pair

CAD/JPY finds support from accumulated volume at JP¥110.41 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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¥0.400 between high and low, or 0.351%. For the last week the currency pair has had daily average volatility of 0.105%.

Our recommended stop-loss: JP¥108.01 (-5.54%) (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 (CADJPY) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect CAD/JPY to open at JP¥114.28, and during the day (based on 14 day Average True Range), to move between JP¥113.66 and JP¥115.02, which gives a possible trading interval of +/-JP¥0.684 (+/-0.60%) up or down from last closing price. If CAD/JPY takes out the full calculated possible swing range there will be an estimated 1.20% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at JP¥114.48 (0.12%) than the support at JP¥110.41 (3.44%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is CAD/JPY currency pair A Buy?

CAD/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: 5.593 Strong Buy Candidate Upgraded

Predicted Opening Price for CAD/JPY of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.