The USD/JPY extends its sideways movement into the NA session and struggles to determine its next short-term direction as investors stay on the sidelines ahead of Tuesday’s critical midterm elections in the U.S. As of writing, the pair was virtually unchanged on the day at 113.18.
The pair could encounter the first support at 112.60 (50-DMA) ahead of 111.90 (100-DMA) and 111.35 (Oct. 26 low). On the upside, resistances align at 113.40 (Oct. 31 high), 113.90 (Oct. 8 high) and 114.50 (Oct. 3 high).
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 112.09.
The projected upper bound is: 114.42.
The projected lower bound is: 112.03.
The projected closing price is: 113.22.
A white body occurred (because prices closed higher 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 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 77.2632. This is not an overbought or oversold reading. The last signal was a sell 1 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 56.41. 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 22 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 137.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 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 buy 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed unchanged at 113.180. Volume was 38% below average (neutral) and Bollinger Bands were 34% narrower than normal.
Open High Low Close Volume___
113.170 113.330 113.050 113.180 65,743
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 112.64 112.37 109.92
Volatility: 7 7 7
Volume: 118,652 107,974 108,809
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 3.0% above its 200-period moving average and is in an downward 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 bearish on JPY= and have had this outlook for the last 15 periods.
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