Japanese Yen: USD/JPY (JPY=X) More bearish on souring risk sentiment

Japanese Yen: USD/JPY (JPY=X) More bearish on souring risk sentiment

Japanese Yen: USD/JPY (JPY=X) More bearish on souring risk sentiment

The dollar held gains on Thursday as investors rushed to the security of the world’s most liquid currency as the coronavirus pandemic caused massive disruptions to global trade.

The dollar index against a basket of major six currencies gained 0.53% overnight as the U.S. currency advanced against most of its major peers except for the safe-haven yen.

In early Thursday trade, the euro was little changed at $1.0959 after 0.69% fall on Wednesday. Sterling fetched $1.2382, having lost 0.40% on Wednesday.

The Australian dollar changed hands at $0.6080, having dropped 0.99% in the previous session.

The dollar traded at 107.15 yen after it touched a two-week low of 106.925 on Wednesday.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 110.87.

The projected lower bound is: 104.01.

The projected closing price is: 107.44.

Candlesticks

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 22 white candles and 26 black candles for a net of 4 black candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 10.8567. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 45.88. 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 17 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 -65. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed up 0.330 at 107.480. Volume was 64% below average (consolidating) and Bollinger Bands were 153% wider than normal.

Open     High      Low     Close     Volume___
107.150 107.560 107.030 107.480 36,403
Technical Outlook 
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 109.18 108.75 108.32
Volatility: 12 20 12
Volume: 151,207 123,779 95,216

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.

Summary

FOREX JPY= is currently 0.8% below 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 0 periods.

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