Japanese Yen (¥) ⇨ US Dollar ($) (JPYUSD) Spiked Low

Japanese Yen (¥) ⇨ US Dollar ($) (JPYUSD) Spiked Low
Japanese Yen (¥) ⇨ US Dollar ($) (JPYUSD) Spiked Low
Highlights
  • The USD/JPY settled the week at 111.248, down 2.075 or -1.83%.
  • USD/JPY spiked lower this week just as it was starting to hold ground above a key downtrend line
  • However, momentum indicators suggest that that rise had exhausted the bulls
  • 2017’s drift lower remains very much in place
Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 113.07.

The projected lower bound is: 109.31.

The projected closing price is: 111.19.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 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 21.4026. This is not an overbought or oversold reading. The last signal was a buy 0 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 45.16. 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 6 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 -117.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 5 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 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.210 at 111.260. Volume was 1% below average (neutral) and Bollinger Bands were 7% wider than normal.

Open      High        Low         Close      Volume
111.470   111.690   111.020   111.260   119,449
Technical Outlook
Short Term:                Neutral
Intermediate Term:  Bullish
Long Term:                 Bullish

Moving Averages:  10-period      50-period       200-period
Close:                        112.91            111.48              109.76
Volatility:                 15                    11                     12
Volume:                   110,027          113,170           117,737

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 1.4% above its 200-period moving average and is in an upward 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 moderate flows of volume into JPY= (mildly bullish). Our trend forecasting oscillators are currently bullish on JPY= and have had this outlook for the last 15 periods.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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