Japanese Yen: USD/JPY (JPY=X) falters again

Japanese Yen: USD/JPY (JPY=X) falters again

Japanese Yen: USD/JPY (JPY=X) falters again

USD/JPY continues to weaken, and we look for further declines towards the 50-day simple moving average (SMA) at ¥112.76.

Rallies have been sold into over the past few days, but a rebound above ¥113.64 would be bullish in the near term.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 112.52.

The projected upper bound is: 114.01.

The projected lower bound is: 111.68.

The projected closing price is: 112.84.

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 27 white candles and 23 black candles for a net of 4 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 21.8527. 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 46.35. 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 32 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 -112.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.010 at 112.810. Volume was 99% below average (consolidating) and Bollinger Bands were 3% narrower than normal.

Open High Low Close Volume___
112.820 112.860 112.680 112.810 949

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

Moving Averages: 10-period 50-period 200-period
Close: 113.53 112.84 110.14
Volatility: 6 7 7
Volume: 107,550 108,941 107,596

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 2.4% 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 7 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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