RSD/JPY Currency Pair Forecast
RSD/JPY currency pair price ended at JP¥1.41 on Friday, after gaining 0.0426%.
(Updated on May 03, 2024)
The RSD/JPY currency pair price gained 0.0426% on the last trading day (Friday, 3rd May 2024), rising from JP¥1.41 to JP¥1.41. During the last trading day the currency pair fluctuated 0.775% from a day low at JP¥1.40 to a day high of JP¥1.41. The price has risen in 7 of the last 10 days but is still down by -0.08% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 more shares were traded than the day before. In total, 51 shares were bought and sold for approximately JP¥71.83 .
The currency pair lies in the lower part of a narrow and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at JP¥1.40 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the currency pair is expected to rise 3.78% during the next 3 months and, with a 90% probability hold a price between JP¥1.46 and JP¥1.51 at the end of this 3-month period.
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RSDJPY Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). RSD/JPY has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The RSD/JPY currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at JP¥1.43 and JP¥1.41. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Sunday, April 28, 2024, and so far it has fallen -2.77%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for RSD/JPY currency pair
RSD/JPY finds support from accumulated volume at JP¥1.40 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¥0.0108 between high and low, or 0.775%. For the last week the currency pair has had daily average volatility of 2.50%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RSDJPY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect RSD/JPY to open at JP¥1.41, and during the day (based on 14 day Average True Range), to move between JP¥1.39 and JP¥1.43, which gives a possible trading interval of +/-JP¥0.0202 (+/-1.44%) up or down from last closing price. If RSD/JPY takes out the full calculated possible swing range there will be an estimated 2.87% 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¥1.41 (0.11%) than the support at JP¥1.40 (0.64%), 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 RSD/JPY currency pair A Buy?
The RSD/JPY currency pair holds several negative signals and despite the positive trend, we believe RSD/JPY will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this currency pair.
Current score: -2.806 Sell Candidate Unchanged
Predicted Opening Price for RSD/JPY of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| JP¥1.41 ( 0.210%) | JP¥1.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RSDJPY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.42 | 0.560 % | |
| R2 | 1.41 | 0.266 % | ||
| R1 | 1.41 | 0.0843 % | ||
| Current price: | 1.41 | |||
| Support | S1 | 1.40 | -0.504 % | |
| S2 | 1.40 | -0.685 % | ||
| S3 | 1.39 | -0.98 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.41 | 0.368 % | |
| R2 | 1.41 | 0.155 % | ||
| R1 | 1.41 | 0.113 % | ||
| Current price | 1.41 | |||
| Support | S1 | 1.40 | -0.643% | |
| S2 | 1.38 | -1.85% | ||
| S3 | 1.37 | -2.48% |
FAQ
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