EUR/JPY Currency Pair Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
EUR/JPY currency pair price ended at JP¥172.32 on Friday, after gaining 0.126%.
(Updated on Jun 28, 2024)
The EUR/JPY currency pair price gained 0.126% on the last trading day (Friday, 28th Jun 2024), rising from JP¥172.11 to JP¥172.32. It has now gained 8 days in a row. It is not often that currency pairs manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the currency pair fluctuated 0.580% from a day low at JP¥171.45 to a day high of JP¥172.45. The price has risen in 9 of the last 10 days and is up by 2.35% 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, 99 thousand more shares were traded than the day before. In total, 459 thousand shares were bought and sold for approximately JP¥79.12 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 4.87% during the next 3 months and, with a 90% probability hold a price between JP¥177.57 and JP¥183.02 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¥171.24 and JP¥169.77. 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 4.67%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for EUR/JPY currency pair
EUR/JPY finds support from accumulated volume at JP¥171.73 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¥1.00 between high and low, or 0.580%. For the last week the currency pair has had daily average volatility of 0.440%.
Since the EUR/JPY has been rising for 8 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: JP¥166.43 (-3.42%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 47 days ago.)
Trading Expectations (EURJPY) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect EUR/JPY to open at JP¥172.07, and during the day (based on 14 day Average True Range), to move between JP¥171.36 and JP¥173.28, which gives a possible trading interval of +/-JP¥0.96 (+/-0.56%) up or down from last closing price. If EUR/JPY takes out the full calculated possible swing range there will be an estimated 1.11% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ JP¥171.73, some JP¥0.597 (0.35%) from the current price of JP¥172.32, our system finds the risk reward attractive.
Is EUR/JPY currency pair A Buy?
EUR/JPY holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for EUR/JPY of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| JP¥172.07 ( 0.145%) | JP¥172.32 |
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 | 173.07 | 0.433% |
| R2 | 172.69 | 0.212% |
| R1 | 172.45 | 0.0757% |
| Price | 172.32 | |
| S1 | 171.69 | -0.365% |
| S2 | 171.46 | -0.502% |
| S3 | 171.08 | -0.722% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 172.32 | |
| S1 | 171.73 | -0.346% |
| S2 | 168.69 | -2.11% |
| S3 | 168.37 | -2.30% |
FAQ
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