Japanese Yen: USD/JPY (JPY=X) continues to fight the sellers

Japanese Yen: USD/JPY (JPY=X) continues to fight the sellers

Japanese Yen: USD/JPY (JPY=X) continues to fight the sellers

The US dollar has rallied a bit during the trading session on Monday, digging into the shooting star from the Friday session. That is a very strong sign as we continue to fight the sellers. Having said that though, there is still a lot to do in order to continue going higher. Breaking above the ¥110 level would open up the floodgates to a move to the ¥111 level, the scene of a serious gap. That obviously will have people looking for resistance, but if we can break above there then it’s likely that the market goes all the way to the 100% Fibonacci retracement level, near the ¥112.50 level.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 110.42.

The projected lower bound is: 108.69.

The projected closing price is: 109.56.

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 26 white candles and 23 black candles for a net of 3 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 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 80.5776. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 5 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 61.19. 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 90 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 11 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 buy 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed up 0.020 at 109.510. Volume was 30% below average (neutral) and Bollinger Bands were 31% narrower than normal.

Open     High      Low     Close     Volume___
109.520 109.630 109.430 109.510 62,853
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 108.96 108.77 108.77
Volatility: 4 5 7
Volume: 81,607 86,267 89,499

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 0.7% 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 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 1 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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