Japanese Yen: USD/JPY (JPY=X) 110.75 would sideline bulls for deeper correction
The pair extends pullback from 111.82 high on Tuesday, following bearish signal from Monday’s marginal close below 200SMA and formation of reversal pattern on daily chart.
Repeated close below 200SMA is needed to confirm near-term stance, however, corrective action should find footstep at 111 zone (Fibo 38.2% of 109.71/111.82 / 20/100SMA’s) to keep bulls intact as strong bullish momentum and rising massive daily cloud continue to underpin.
Only violation of daily cloud top 110.75 would sideline bulls for deeper correction.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.39.
The projected lower bound is: 110.39.
The projected closing price is: 111.39.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 21 black candles for a net of 6 white candles.
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 61.0622. This is not an overbought or oversold reading. The last signal was a sell 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 54.27. 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 67 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 59. 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.120 at 111.350. Volume was 52% below average (consolidating) and Bollinger Bands were 25% narrower than normal.
Open High Low Close Volume___
111.470 111.570 111.220 111.350 47,114
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 111.23 110.82 111.49
Volatility: 4 6 7
Volume: 91,406 93,647 103,703
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 0.1% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 0 periods.
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