USD/JPY Currency Pair Forecast

Green day on Friday for USD/JPY
(Updated on Jun 21, 2024)

USDJPY Signals & Forecast

The USD/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¥157.93 and JP¥156.57. 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 4.34%. 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). Volume is rising along with the price. This is considered to be a good technical signal.

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

USD/JPY finds support from accumulated volume at JP¥157.86 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¥0.96 between high and low, or 0.608%. For the last week the currency pair has had daily average volatility of 0.592%.

Our recommended stop-loss: JP¥153.93 (-3.55%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 42 days ago.)

Trading Expectations (USDJPY) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect USD/JPY to open at JP¥159.30, and during the day (based on 14 day Average True Range), to move between JP¥158.75 and JP¥160.43, which gives a possible trading interval of +/-JP¥0.84 (+/-0.53%) up or down from last closing price. If USD/JPY takes out the full calculated possible swing range there will be an estimated 1.05% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ JP¥157.86, some JP¥1.73 (1.09%) from the current price of JP¥159.59, our system finds the risk reward attractive.

Is USD/JPY currency pair A Buy?

USD/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.

Current score: 0.000 Hold/Accumulate Unchanged

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 USD/JPY of Monday, June 24, 2024

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