Japanese Yen: USD/JPY (JPY=X) ADP payrolls next
USD/JPY has edged lower in the Tuesday session, erasing the losses seen on Monday. In North American trade, the pair is trading at 113.65, down 0.27% on the day. On the release front, Japanese consumer confidence remains weak, coming in at 43.4 points. This beat the estimate of 43.0 points. There are no major releases out of the United States. On Wednesday, the U.S releases two key events – ADP nonfarm payrolls and ISM Non-Manufacturing PMI.
USD/JPY showed little movement in the Asian session. In European trade, the pair edged lower but recovered most of these losses. USD/JPY has dropped further in the North American session
- 112.30 is providing support
- 113.75 has switched to resistance after USD/JPY lost ground on Tuesday
Further levels in both directions:
- Below: 112.30, 111.22, 110.21 and 109.21
- Above: 113.75, 114.73 and 115.51
- Current range: 112.30 to 113.75
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 111.78.
The projected upper bound is: 114.72.
The projected lower bound is: 112.64.
The projected closing price is: 113.68.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
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 78.6495. 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 67.39. 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 1 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 98. This is not a topping or bottoming area. The last signal was a sell 0 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 28 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.030 at 113.630. Volume was 96% below average (consolidating) and Bollinger Bands were 61% wider than normal.
Open High Low Close Volume___
113.640 113.680 113.580 113.630 4,514
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 113.18 111.61 109.76
Volatility: 4 6 8
Volume: 94,142 99,912 105,584
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 3.5% above 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 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 18 periods.