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Silver vs Yen Technical Analysis - Silver vs Yen Trading: 2021-02-01
XAG JPY Technical Analysis Summary
Above 29
Buy Stop
Below 24,4
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
XAG JPY Chart Analysis
XAG JPY Technical Analysis
On the daily timeframe, XAGJPY: D1 approached the upper border of the neutral channel. It must be broken upward before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XAGJPY rises above the last high: 29. This level can be used as an entry point. We can place a stop loss below the last 3 lower fractals, the Parabolic signal, the 200-day moving average, and the lower Bollinger line: 24.4. After opening a pending order, we move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (24.4) without activating the order (29), it is recommended to delete the order: the market sustains internal changes that are not usually taken into account.
Fundamental Analysis of PCI - XAG JPY
In this review, we will consider the XAGJPY Personal Composite Instrument (PCI) - Silver vs. Yen. As its name suggests, it reflects the price action of silver against the Japanese yen. Will the XAGJPY quotes grow ?
The increase of XAGJPY on the chart means the silver price rises as the yen weakens. Silver grew after The Wall Street Journal reported that members of the social news site Reddit had begun discussing the precious metal's undervaluation. It is believed that Reddit users have recently raised the shares of the Gamestop video game store chain in the United States several times. Another positive factor for precious metals was the increase in inflation in Germany. The Japanese yen is weakening amid negative macroeconomic data. The decline in industrial production (-1.6% in monthly terms) in Japan in December 2020 exceeded the forecast (-1.5%) and reached a 7-month high. The Housing Starts construction indicator plunged 9% yoy in December. However, the number of new buildings in Japan dropped to a 9-year low of 784 000 in annual terms. The Consumer Confidence indicator dropped with the decline in retail sales in December (-0.3% yoy).
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
