USD/JPY Currency Pair Forecast

USD/JPY currency pair price ended at JP¥160.79 on Thursday, after losing 0.0174%.
(Updated on Jun 27, 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¥159.62 and JP¥157.14. 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, June 26, 2024, and so far it has fallen -0.0174%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

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

USD/JPY finds support from accumulated volume at JP¥159.67 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¥0.545 between high and low, or 0.340%. For the last week the currency pair has had daily average volatility of 0.460%.

The USD/JPY currency pair is extremely overbought on RSI14 (92). This increases the short-term risk substantially.

Our recommended stop-loss: JP¥155.70 (-3.17%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 92 and this increases the risk substantially. There is a sell signal from a pivot top found 40 days ago.)

Trading Expectations (USDJPY) For The Upcoming Trading Day Of Friday 28th

For the upcoming trading day on Friday, 28th we expect USD/JPY to open at JP¥160.63, and during the day (based on 14 day Average True Range), to move between JP¥159.99 and JP¥161.59, which gives a possible trading interval of +/-JP¥0.80 (+/-0.50%) up or down from last closing price. If USD/JPY takes out the full calculated possible swing range there will be an estimated 1.00% 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¥160.82 (0.02%) than the support at JP¥159.67 (0.69%), 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 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 Friday, June 28, 2024

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