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Japanese Yen: USD/JPY (JPY=X) Couldn’t Continue Overnight Gains

$JPY #Japanese #Yen #USD #FX #Currencies #Trading #Markets

Japanese Yen
Ticker: JPY=
Price: 105.70

Japanese Yen News

The USD/JPY was trading in the red in the early US session, around 105.80 region – the lower end of its daily range.

The pair had bounced up by around 100 pips yesterday from its monthly low but gave back a part of it in today’s trading. The fall in equity markets attracted flows to the haven-linked Japanese Yen and drove the USD/JPY down by 35-40 pips to around 106.20.

The USD/JPY bears will check for further confirmation selling to ensure that the latest bounce has petered out and the previous bearish trend is still intact.

USD/JPY Dollar Exchange Rate

Today’s Forex Rates

USD/JPY Dollar FX Polls

Economic Events

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 106.77.

The projected lower bound is: 104.57.

The projected closing price is: 105.67.

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 19 white candles and 30 black candles for a net of 11 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 42.5688. This is not an overbought or oversold reading. The last signal was a sell 4 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 44.33. 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 15 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 -58. This is not a topping or bottoming area. The last signal was a sell 4 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.090 at 105.700. Volume was 82% below average (consolidating) and Bollinger Bands were 4% narrower than normal.

Open      High      Low      Close      Volume 
105.770   105.800   105.610  105.700    19,521
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bearish
Moving Averages: 10-period       50-period        200-period
Close:           106.18          106.61           108.03
Volatility:      8               7                12
Volume:          82,091          98,531           106,028

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 2.2% below its 200-period moving average and is in an downward trend. Volatility is high 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 bearish on JPY= and have had this outlook for the last 47 periods.

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