Japanese Yen: USD/JPY (JPY=X) currently mixed
The Japanese yen is currently mixed. While the yen is steady against the US dollar and Australian dollar, the currency is strengthening against the euro and the British pound. Yesterday, the yen strengthened against the US dollar following renewed volatility in US equity markets. Trading volumes in yen futures also rose sharply, when compared to the previous session and 30-day averages. This suggests that traders bought the yen with conviction. Today’s USD/JPY trading range is 111.60 – 114.50.
Despite improving domestic sentiment data, developments in broader financial markets appear to be a more significant factor for the Japanese yen. Yesterday, traders bought the currency as US equity markets sold off sharply. While the S&P 500 had made up most of its initial losses by the end of the session, the yen ended the day stronger against the US dollar (and most other currencies). As a safe haven currency, the yen tends to strengthen in response to financial market turmoil. This is especially the case for ‘risk on’ assets like equities and commodities.
USD/JPY is currently trading above 112.50. EUR/JPY is down, and trading above 128.60. GBP/JPY is down, and trading above 145.60.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 113.72.
The projected lower bound is: 111.37.
The projected closing price is: 112.55.
A white body occurred (because prices closed higher 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 29 white candles and 20 black candles for a net of 9 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 70.5886. This is not an overbought or oversold reading. The last signal was a buy 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 49.88. 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 14 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 -7. This is not a topping or bottoming area. The last signal was a buy 5 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.080 at 112.510. Volume was 5% below average (neutral) and Bollinger Bands were 24% wider than normal.
Open High Low Close Volume___
112.420 112.740 112.300 112.510 99,471
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 112.35 112.06 109.81
Volatility: 6 7 8
Volume: 118,938 105,805 108,651
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 2.5% above 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 7 periods.