MXN/JPY Currency Pair Forecast

Weaker technical forecast for MXN/JPY as currency pair downgraded to Hold/Accumulate.
(Updated on May 17, 2024)

MXNJPY Signals & Forecast

The MXN/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¥9.29 and JP¥9.18. 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 3.99%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The currency pair had a Golden Star Signal on Wednesday, April 24, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Buy

Special Signal Notification

Golden Star

The currency pair had a Golden Star Signal on Wednesday, April 24, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Friday, May 03, 2024 with a target of JP¥9.34. Despite whether the objective of the signal formation has been reached the currency pair may continue to perform well.

Support, Risk & Stop-loss for MXN/JPY currency pair

MXN/JPY finds support from accumulated volume at JP¥9.18 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved JP¥0.0819 between high and low, or 0.88%. For the last week the currency pair has had daily average volatility of 0.96%

Our recommended stop-loss: JP¥8.95 (-4.40%) (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 (MXNJPY) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect MXN/JPY to open at JP¥9.35, and during the day (based on 14 day Average True Range), to move between JP¥9.25 and JP¥9.48, which gives a possible trading interval of +/-JP¥0.119 (+/-1.27%) up or down from last closing price. If MXN/JPY takes out the full calculated possible swing range there will be an estimated 2.55% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ JP¥9.18, some JP¥0.188 (2.01%) from the current price of JP¥9.36, our system finds the risk reward attractive.

Is MXN/JPY currency pair A Buy?

MXN/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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

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 MXN/JPY of Monday, May 20, 2024

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