Japanese Yen: USD/JPY (JPY=X) Looking for resistance ahead of the monthly open
USD/JPY extended losses on Friday, driven by rather strong bearish momentum mid-session. It pushed the rate past the 55-, 100– and 200-hour SMAs down to the senior channel near 111.00.
This line is supported by the 200-period SMA on the 4H chart. Thus, it is likely that the given cluster allows the rate to accelerate and aim for the upper boundary of a junior channel circa 111.60 today. The 55– and 100-hour SMAs are also located there. A breakout from this level would pave the way for a test of 113.00 this week.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.54.
The projected lower bound is: 110.30.
The projected closing price is: 111.42.
A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 black 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 48.3091. This is not an overbought or oversold reading. The last signal was a buy 7 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 51.27. 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 12 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 -27. This is not a topping or bottoming area. The last signal was a sell 12 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 10 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.130 at 111.380. Volume was 27% below average (neutral) and Bollinger Bands were 12% narrower than normal.
Open High Low Close Volume___
111.190 111.520 111.140 111.380 75,304
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.33 110.74 110.02
Volatility: 5 6 8
Volume: 101,872 104,818 106,600
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 1.2% above its 200-period moving average and is in an downward trend. Volatility is high 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.