Japanese Yen: USD/JPY (JPY=X) looks set to try for another move higher
The overall move higher for USD/JPY from March remains intact, with the recovery above ¥111.00 confirming the more bullish view.
A steady push higher over the past two weeks indicates that the buyers are still in charge, with a move below ¥110.50 needed to negate this outlook. Further gains will target declining resistance around ¥111.50, and a break above here would break the downtrend from the mid-July high, and open the way to ¥112.00 and ¥113.00.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.50.
The projected lower bound is: 110.34.
The projected closing price is: 111.42.
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 23 white candles and 26 black candles for a net of 3 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 42.1366. This is not an overbought or oversold reading. The last signal was a buy 9 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 51.10. 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 14 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 19. This is not a topping or bottoming area. The last signal was a sell 14 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 12 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed unchanged at 111.370. Volume was 97% below average (consolidating) and Bollinger Bands were 14% narrower than normal.
Open High Low Close Volume___
111.370 111.430 111.340 111.370 3,522
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.39 110.85 109.99
Volatility: 5 6 8
Volume: 89,357 100,975 105,943
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 1.3% above its 200-period moving average and is in an downward 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 bearish on JPY= and have had this outlook for the last 8 periods.