SGD/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:
![Bollinger Bottleneck Buy Pattern 1](https://stockinvest.us/assets/img/legend/boll_tight.gif?v=25a8ebeec01b7b81c6d8306e42bbbe090ea218b2)
![Bollinger Bottleneck Buy Pattern 2](https://stockinvest.us/assets/img/legend/boll_tight2.gif?v=25a8ebeec01b7b81c6d8306e42bbbe090ea218b2)
![Bollinger Bottleneck Sell Pattern](https://stockinvest.us/assets/img/legend/boll_tight3.gif?v=25a8ebeec01b7b81c6d8306e42bbbe090ea218b2)
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
SGD/JPY currency pair price ended at JP¥117.87 on Tuesday, after losing 0.0034%.
(Updated on Jun 25, 2024)
The SGD/JPY currency pair price fell by -0.0034% on the last day (Tuesday, 25th Jun 2024) from JP¥117.87 to JP¥117.87. During the last trading day the currency pair fluctuated 0.274% from a day low at JP¥117.72 to a day high of JP¥118.04. The price has risen in 7 of the last 10 days and is up by 1.55% over the past 2 weeks. Volume has increased on the last day by 26 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 34 thousand shares were bought and sold for approximately JP¥3.98 million.
The currency pair lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at JP¥117.94 will firstly indicate a stronger rate of rising. Given the current short-term trend, the currency pair is expected to rise 4.55% during the next 3 months and, with a 90% probability hold a price between JP¥121.26 and JP¥123.30 at the end of this 3-month period.
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SGDJPY Signals & Forecast
The SGD/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¥117.18 and JP¥116.25. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, June 24, 2024, and so far it has fallen -0.0034%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the currency pair should be followed more closely.
Support, Risk & Stop-loss for SGD/JPY currency pair
SGD/JPY finds support from accumulated volume at JP¥114.86 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¥0.323 between high and low, or 0.274%. For the last week the currency pair has had daily average volatility of 0.352%.
The SGD/JPY currency pair is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some currency pairs may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the currency pair manages to break the trend before that occurs.
Our recommended stop-loss: JP¥115.34 (-2.14%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 93 and this increases the risk substantially. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (SGDJPY) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect SGD/JPY to open at JP¥117.87, and during the day (based on 14 day Average True Range), to move between JP¥116.98 and JP¥118.76, which gives a possible trading interval of +/-JP¥0.89 (+/-0.75%) up or down from last closing price. If SGD/JPY takes out the full calculated possible swing range there will be an estimated 1.51% 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¥117.87 (0.00%) than the support at JP¥114.86 (2.55%), 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 SGD/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 SGD/JPY currency pair to perform well in the short-term.
Current score: 2.361 Buy Candidate Unchanged
Predicted Opening Price for SGD/JPY of Wednesday, June 26, 2024
Fair opening price June 26, 2024 | Current price |
---|---|
JP¥117.87 ( 0.0065%) | JP¥117.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SGDJPY
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 118.20 | 0.281% |
R2 | 118.07 | 0.176% |
R1 | 118.00 | 0.111% |
Price | 117.87 | |
S1 | 117.75 | -0.0982% |
S2 | 117.67 | -0.163% |
S3 | 117.55 | -0.268% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0 | - |
R1 | 117.87 | 0.0034% |
Price | 117.87 | |
S1 | 114.86 | -2.55% |
S2 | 114.16 | -3.15% |
S3 | 113.25 | -3.92% |
FAQ
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