RSD/JPY Currency Pair Forecast
RSD/JPY currency pair price up 0.419% on Friday
(Updated on May 17, 2024)
The RSD/JPY currency pair price gained 0.419% on the last trading day (Friday, 17th May 2024), rising from JP¥1.44 to JP¥1.45. During the last trading day the currency pair fluctuated 1.02% from a day low at JP¥1.43 to a day high of JP¥1.45. The price has risen in 8 of the last 10 days and is up by 2.76% over the past 2 weeks. Volume fell on the last day by -7 shares and in total, 42 shares were bought and sold for approximately JP¥60.79 . 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 4.04% during the next 3 months and, with a 90% probability hold a price between JP¥1.47 and JP¥1.52 at the end of this 3-month period.
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RSDJPY Signals & Forecast
There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Sunday, April 28, 2024, and so far it has fallen -0.0870%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 not be. The very low volume increases the risk and reduces the other technical signals issued. The RSD/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¥1.44 and JP¥1.42. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for RSD/JPY currency pair
RSD/JPY finds support from accumulated volume at JP¥1.43 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¥0.0146 between high and low, or 1.02%. For the last week the currency pair has had daily average volatility of 0.88%
Our recommended stop-loss: JP¥1.40 (-3.33%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (RSDJPY) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect RSD/JPY to open at JP¥1.44, and during the day (based on 14 day Average True Range), to move between JP¥1.43 and JP¥1.46, which gives a possible trading interval of +/-JP¥0.0159 (+/-1.10%) up or down from last closing price. If RSD/JPY takes out the full calculated possible swing range there will be an estimated 2.20% 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¥1.45 (0.09%) than the support at JP¥1.43 (1.12%), 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?
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 RSD/JPY currency pair to perform well in the short-term.
Current score: 1.693 Buy Candidate Unchanged
Predicted Opening Price for RSD/JPY of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
JP¥1.44 ( 0.257%) | JP¥1.45 |
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 | 1.46 | 0.753 % | |
R2 | 1.45 | 0.367 % | ||
R1 | 1.45 | 0.129 % | ||
Current price: | 1.45 | |||
Support | S1 | 1.44 | -0.642 % | |
S2 | 1.43 | -0.88 % | ||
S3 | 1.43 | -1.27 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 1.45 | 0.0871 % | ||
Current price | 1.45 | |||
Support | S1 | 1.43 | -1.12% | |
S2 | 1.43 | -1.42% | ||
S3 | 1.41 | -2.33% |
FAQ
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