Japanese Yen: USD/JPY (JPY=X) Heffx Technical Analysis
The US dollar has gapped higher to kick off the trading session on Monday but has turned right back around to fill that gap already. With that in mind, I believe that this market is going to continue to go back and forth and look for some type of opportunity.
At this point, I look at the ¥110 level as the “bottom” of the range, just as I see the ¥111.50 level above offers significant resistance. With that being the case, and the fact that we are right in the middle of that range it makes sense that this would essentially be where you see a lot of back-and-forth on shorter-term charts.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.39.
The projected lower bound is: 110.37.
The projected closing price is: 111.38.
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 27 white candles and 21 black candles for a net of 6 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 88.3543. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 56.47. 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 61 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 48. This is not a topping or bottoming area. The last signal was a buy 4 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 15 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.510 at 111.350. Volume was 9% below average (neutral) and Bollinger Bands were 22% narrower than normal.
Open High Low Close Volume___
110.790 111.440 110.790 111.350 91,068
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 110.67 110.57 111.46
Volatility: 8 6 7
Volume: 99,879 95,411 104,344
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 0.1% below its 200-period moving average and is in an downward 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 bearish on JPY= and have had this outlook for the last 6 periods.