ZAR/JPY Currency Pair Forecast

ZAR/JPY currency pair upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on May 31, 2024)

ZARJPY Signals & Forecast

The ZAR/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¥8.48. On a fall, the currency pair will find some support from the long-term average at approximately JP¥8.37. 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. 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. 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 Tuesday, May 21, 2024, and so far it has fallen -2.65%. 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). 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¥0.141 between high and low, or 1.71%. For the last week the currency pair has had daily average volatility of 1.05%.

Our recommended stop-loss: JP¥8.03 (-4.19%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 21 days ago.)

Trading Expectations (ZARJPY) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect ZAR/JPY to open at JP¥8.37, and during the day (based on 14 day Average True Range), to move between JP¥8.30 and JP¥8.46, which gives a possible trading interval of +/-JP¥0.0801 (+/-0.96%) up or down from last closing price. If ZAR/JPY takes out the full calculated possible swing range there will be an estimated 1.91% 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¥8.38 (0.03%) than the resistance at JP¥8.39 (0.09%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ZAR/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 ZAR/JPY currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Buy candidate.

Current score: 4.342 Buy Candidate Upgraded

Predicted Opening Price for ZAR/JPY of Monday, June 3, 2024

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