Japanese Yen: USD/JPY (JPY=X) expected to trade sideways for now

Japanese Yen: USD/JPY (JPY=X) expected to trade sideways for now

Japanese Yen: USD/JPY (JPY=X) expected to trade sideways for now

We expected USD to “edge lower” since last Thursday (29 Nov, spot at 113.55) but it traded in a quiet manner and closed at about the same level on Thursday (113.47) and Friday (113.46). The mild downward momentum has eased and USD is still likely caught in a consolidation phase for now. In other words, we expect USD to trade sideways from here, albeit at a slightly higher range of 112.90/114.20 (from 112.70/114.00 previously).

Overall, the bias in prices is: Sideways.

The projected upper bound is: 114.77.

The projected lower bound is: 112.52.

The projected closing price is: 113.65.

Candlesticks

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 26 white candles and 24 black candles for a net of 2 white candles.

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 55.3936. This is not an overbought or oversold reading. The last signal was a sell 2 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 56.58. 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 42 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 71. This is not a topping or bottoming area. The last signal was a buy 8 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 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed up 0.170 at 113.630. Volume was 19% below average (neutral) and Bollinger Bands were 28% narrower than normal.

Open High Low Close Volume___
113.460 113.850 113.360 113.630 88,038

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 113.33 113.08 110.45
Volatility: 4 6 7
Volume: 114,845 115,551 107,712

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 2.9% above its 200-period moving average and is in an upward trend. Volatility is low 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 7 periods.

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