Japanese Yen: USD/JPY (JPY=X) maintains upward momentum
The bounce off the 100-day simple moving average (SMA) is intact, and with a positive crossover looming on the daily moving average convergence divergence (MACD) the bulls could see further upside from here for USD/JPY.
Trendline resistance comes in around ¥113.89, with a break higher from here ending the sequence of lower highs seen since the beginning of October.
Overall, the bias in prices is: Sideways
The projected upper bound is: 114.72.
The projected lower bound is: 112.49.
The projected closing price is: 113.60.
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 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 89.5523. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 10 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 55.58. 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 50 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 55. This is not a topping or bottoming area. The last signal was a buy 16 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 buy 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.340 at 113.610. Volume was 2% above average (neutral) and Bollinger Bands were 31% narrower than normal.
Open High Low Close Volume___
113.270 113.700 113.190 113.610 114,184
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 113.20 113.01 110.73
Volatility: 7 6 7
Volume: 122,300 118,612 107,826
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 2.6% 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 moderate flows of volume into JPY= (mildly bullish). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 4 periods.