Japanese Yen Outlook
The USD/JPY has been fallen by ~1.10% since Wednesday when it tested the important resistance at 105.65. On the four-hour chart, the moving average convergence and divergence (MACD) has moved below the neutral level.
Other oscillators like the RSI and stochastics are also falling, which, as you will see in our free technical analysis provided by Knightsbridge Live and Metastock, means that bears are in control. Therefore, I expect that the pair will continue falling, with the next support being at 104.33. This is the lowest level on October 21.
USD/JPY Dollar Exchange Rate
Today’s Forex Rates
USD/JPY Dollar FX Polls
Overall, the bias in prices is: Sideways.
The projected upper bound is: 105.81.
The projected lower bound is: 103.31.
The projected closing price is: 104.56.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 56.8439. This is not an overbought or oversold reading. The last signal was a sell 1 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 46.75. 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 buy 5 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 9. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.030 at 104.590. Volume was 71% below average (consolidating) and Bollinger Bands were 7% wider than normal.
Open High Low Close Volume 104.870 104.870 104.460 104.590 28,404
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 104.61 105.15 106.85 Volatility: 14 8 12 Volume: 116,403 103,537 113,316
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.
FOREX JPY= is currently 2.1% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect volume flowing into and out of JPY= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 22 periods.