TRY/JPY Currency Pair Forecast

TRY/JPY currency pair downgraded to Hold/Accumulate
(Updated on Jun 24, 2024)

TRYJPY Signals & Forecast

The TRY/JPY currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at JP¥4.82 and JP¥4.82. 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 Wednesday, May 29, 2024, and so far it has fallen -0.308%. Further fall is indicated until a new bottom pivot has been found. 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 currency pair had a Golden Star Signal on Tuesday, May 07, 2024 in the long-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.

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

TRY/JPY finds support from accumulated volume at JP¥4.85 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¥0.0410 between high and low, or 0.85%. For the last week the currency pair has had daily average volatility of 1.29%

Our recommended stop-loss: JP¥4.68 (-3.60%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 81 days ago.)

Trading Expectations (TRYJPY) For The Upcoming Trading Day Of Tuesday 25th

For the upcoming trading day on Tuesday, 25th we expect TRY/JPY to open at JP¥4.84, and during the day (based on 14 day Average True Range), to move between JP¥4.79 and JP¥4.92, which gives a possible trading interval of +/-JP¥0.0631 (+/-1.30%) up or down from last closing price. If TRY/JPY takes out the full calculated possible swing range there will be an estimated 2.60% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at JP¥4.85 (0.08%) than the resistance at JP¥4.86 (0.12%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is TRY/JPY currency pair A Buy?

TRY/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: 0.904 Hold/Accumulate Downgraded

Predicted Opening Price for TRY/JPY of Tuesday, June 25, 2024

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