Japanese Yen: USD/JPY (JPY=X) longer-term money starting to come back into this market
After the Bank of Japan basically said nothing new during Asian trading, you can see that the market has gone back and forth and still looks a bit confused as to where to go next. However, we have been in a nice uptrend for some time, at least until the last 10 days or so. The ¥112 level attract a lot of attention in both directions, but the ¥111.50 level underneath is massive support.
The 50 day EMA has recently just crossed above the 200 day EMA, which of course is the “golden cross.” That being the case, longer-term money is probably starting to come back into this market as well.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.57.
The projected lower bound is: 110.66.
The projected closing price is: 111.61.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 35.8421. This is not an overbought or oversold reading. The last signal was a sell 5 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 50.83. 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 80 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 -41. This is not a topping or bottoming area. The last signal was a sell 6 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 -0.030 at 111.590. Volume was 99% below average (consolidating) and Bollinger Bands were 55% narrower than normal.
Open High Low Close Volume___
111.620 111.630 111.580 111.590 763
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.91 111.30 111.49
Volatility: 3 5 7
Volume: 77,021 89,552 102,076
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% 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 11 periods.