Japanese Yen: USD/JPY (JPY=X) bias remains neutral this week for some more consolidation
USD/JPY rebounded further last week but was held below 112.13 resistance. Initial bias remains neutral this week for some more consolidation. But still, as long as 110.35 support hold, near term outlook remains bullish. On the upside, break of 112.13 will resume the rally from 104.69 to 114.54 resistance next. However, firm break of 110.35 should confirm near term reversal and turn outlook bearish for 108.49 support and below.
Shayne Heffernan said “almost nothing can save the Yen, Abenomics has created excessive liquidity and is still failed to stimulate the economy”.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 110.79.
The projected upper bound is: 112.44.
The projected lower bound is: 110.58.
The projected closing price is: 111.51.
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 29 white candles and 19 black candles for a net of 10 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 59.9368. This is not an overbought or oversold reading. The last signal was a sell 6 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 56.34. 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 50 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 38. This is not a topping or bottoming area. The last signal was a sell 6 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 sell 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.250 at 111.450. Volume was 9% below average (neutral) and Bollinger Bands were 38% narrower than normal.
Open High Low Close Volume___
111.690 111.890 111.370 111.450 93,183
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.50 110.15 111.43
Volatility: 5 5 7
Volume: 91,161 95,986 104,265
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 0.0% 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 34 periods.
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