EUR/JPY Currency Pair Forecast
EUR/JPY currency pair price ended at JP¥170.75 on Monday, after gaining 0.0615%.
(Updated on Jun 24, 2024)
The EUR/JPY currency pair price gained 0.0615% on the last trading day (Monday, 24th Jun 2024), rising from JP¥170.64 to JP¥170.75. 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 0.208% from a day low at JP¥170.59 to a day high of JP¥170.95. The price has risen in 6 of the last 10 days and is up by 1.03% over the past 2 weeks. Volume fell on the last day by -255 thousand shares and in total, 65 thousand shares were bought and sold for approximately JP¥11.08 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 4.66% during the next 3 months and, with a 90% probability hold a price between JP¥176.54 and JP¥181.95 at the end of this 3-month period.
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EURJPY Signals & Forecast
The EUR/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¥169.47 and JP¥169.30. 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 3.71%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The currency pair should be watched closely. 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 EUR/JPY currency pair
EUR/JPY finds support from accumulated volume at JP¥169.54 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¥0.355 between high and low, or 0.208%. For the last week the currency pair has had daily average volatility of 0.464%.
Our recommended stop-loss: JP¥164.91 (-3.41%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 43 days ago.)
Trading Expectations (EURJPY) For The Upcoming Trading Day Of Tuesday 25th
For the upcoming trading day on Tuesday, 25th we expect EUR/JPY to open at JP¥170.76, and during the day (based on 14 day Average True Range), to move between JP¥169.75 and JP¥171.74, which gives a possible trading interval of +/-JP¥0.99 (+/-0.58%) up or down from last closing price. If EUR/JPY takes out the full calculated possible swing range there will be an estimated 1.16% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ JP¥169.54, some JP¥1.21 (0.71%) from the current price of JP¥170.75, our system finds the risk reward attractive.
Is EUR/JPY currency pair A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for EUR/JPY currency pair to perform well in the short-term.
Current score: 3.368 Buy Candidate Unchanged
Predicted Opening Price for EUR/JPY of Tuesday, June 25, 2024
| Fair opening price June 25, 2024 | Current price |
|---|---|
| JP¥170.76 ( 0.0103%) | JP¥170.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EURJPY
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 171.12 | 0.218% |
| R2 | 170.98 | 0.139% |
| R1 | 170.90 | 0.0898% |
| Price | 170.75 | |
| S1 | 170.63 | -0.0691% |
| S2 | 170.54 | -0.118% |
| S3 | 170.41 | -0.198% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 170.75 | |
| S1 | 169.54 | -0.709% |
| S2 | 168.69 | -1.20% |
| S3 | 168.37 | -1.39% |
FAQ
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