Japanese Yen: USD/JPY (JPY=X) likely that some downside potential could prevail
Yesterday, the US Dollar appreciated slightly against the Japanese Yen. During Tuesday, the USD/JPY currency pair was trading at the 107.60 mark.
Given that the exchange rate is trading near the upper boundary of the short-term descending channel, it is likely that some downside potential could prevail in the market. However, note that the rate has to surpass the psychological level at 107.40.
If the given level holds, it is likely that a breakout north could occur in the nearest future. However, it is unlikely that the pair could exceed 108.85/108.95 due to the resistance formed by the 100- and 200-hour SMAs, as well the weekly PP.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 108.47.
The projected lower bound is: 105.57.
The projected closing price is: 107.02.
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 26 white candles and 24 black candles for a net of 2 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 10.2383. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 47.02. 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 31 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 -105.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.
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 107.040. Volume was 99% below average (consolidating) and Bollinger Bands were 12% wider than normal.
Open High Low Close Volume___
107.050 107.090 107.000 107.040 510
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 107.80 107.04 109.20
Volatility: 5 9 7
Volume: 86,056 91,418 91,456
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 2.0% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 13 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.