Japanese Yen (¥) ⇨ US Dollar ($)(JPYUSD) Japanese Inflation To Come

Japanese Yen (¥) ⇨ US Dollar ($)(JPYUSD) Japanese Inflation To Come

Japanese Yen (¥) ⇨ US Dollar ($)(JPYUSD) Japanese Inflation To Come

Yen Edges Lower as US Jobless Claims Beat Expectations, Japanese Inflation  Next

USD/JPY has posted slight gains in the Thursday session. In North American trade, the pair is trading just below the 112 level. On the release front, US unemployment claims edged up to 234 thousand, lower than the forecast of 238 thousand. Japan will release a host of inflation indicators, led by Tokyo Core CPI, which an estimate of 0.0%. On Friday, leaders of the G-7 nations meet in Sicily. The US will release revised GDP for the first quarter, which is expected at 0.9%, compared to the initial GDP release, which came in at 0.7%.

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

By the way, prices are vulnerable to a correction towards 112.02.

The projected upper bound is: 113.09.

The projected lower bound is: 109.47.

The projected closing price is: 111.28.

 

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 61.4864. This is not an overbought or oversold reading. The last signal was a buy 5 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 45.92. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 11 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -64. This is not a topping or bottoming area. The last signal was a buy 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.510 at 111.310. Volume was 10% below average (neutral) and Bollinger Bands were 8% narrower than normal.

Open      High       Low        Close      Volume
111.820  111.860  110.850  111.310   107,661

Technical Outlook
Short Term:                Neutral
Intermediate Term:  Bullish
Long Term:                 Bullish

Moving Averages: 10-period     50-period      200-period
Close:                       111.81           111.25             110.04
Volatility:                14                  10                    12
Volume:                  120,598        114,206         119,311

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary
FOREX JPY= is currently 1.2% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of JPY= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on JPY= and have had this outlook for the last 20 periods.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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