XAU/JPY Currency Pair Forecast

Red day on Wednesday for XAU/JPY currency pair after losing 0.747%
(Updated on May 01, 2024)

XAUJPY Signals & Forecast

The XAU/JPY currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately JP¥360,734.03. On a fall, the currency pair will find some support from the long-term average at approximately JP¥348,513.76. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Friday, April 19, 2024, and so far it has fallen -3.19%. 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 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 XAU/JPY currency pair

On the downside, the currency pair finds support just below today's level from accumulated volume at JP¥319,747.45 and JP¥304,442.50. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, XAU/JPY finds support just below today's level at JP¥319,747.45. If this is broken, then the next support from accumulated volume will be at JP¥304,442.50 and JP¥303,746.70.

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¥10,765.50 between high and low, or 3.03%. For the last week the currency pair has had daily average volatility of 1.51%.

Our recommended stop-loss: JP¥340,660.10 (-4.89%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)

Trading Expectations (XAUJPY) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect XAU/JPY to open at JP¥359,772.77, and during the day (based on 14 day Average True Range), to move between JP¥353,076.18 and JP¥363,237.42, which gives a possible trading interval of +/-JP¥5,080.62 (+/-1.42%) up or down from last closing price. If XAU/JPY takes out the full calculated possible swing range there will be an estimated 2.84% 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¥360,352.10 (0.61%) than the support at JP¥319,747.45 (10.72%), 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 XAU/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 XAU/JPY currency pair to perform well in the short-term.

Current score: 1.411 Buy Candidate Unchanged

Predicted Opening Price for XAU/JPY of Thursday, May 2, 2024

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