ZAR/JPY Currency Pair Forecast

ZAR/JPY currency pair price ended at JP¥8.57 on Friday, after gaining 0.563%.
(Updated on May 17, 2024)

ZARJPY Signals & Forecast

Mostly positive signals in the chart today. The ZAR/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¥8.48 and JP¥8.25. 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 3.73%. 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). ZAR/JPY has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The currency pair had a Golden Star Signal on Monday, March 04, 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 ZAR/JPY currency pair

ZAR/JPY finds support from accumulated volume at JP¥8.38 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¥0.0798 between high and low, or 0.94%. For the last week the currency pair has had daily average volatility of 0.336%.

Our recommended stop-loss: JP¥8.15 (-4.89%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)

Trading Expectations (ZARJPY) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect ZAR/JPY to open at JP¥8.55, and during the day (based on 14 day Average True Range), to move between JP¥8.50 and JP¥8.64, which gives a possible trading interval of +/-JP¥0.0684 (+/-0.80%) up or down from last closing price. If ZAR/JPY takes out the full calculated possible swing range there will be an estimated 1.60% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ JP¥8.38, some JP¥0.191 (2.22%) from the current price of JP¥8.57, our system finds the risk reward attractive.

Is ZAR/JPY currency pair A Buy?

ZAR/JPY holds several positive signals and has broken the weak rising trend up. As the currency pair is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Current score: 8.338 Strong Buy Candidate Unchanged

Predicted Opening Price for ZAR/JPY of Monday, May 20, 2024

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