Japanese Yen: USD/JPY (JPY=X) moves above 50-day SMA
USD/JPY is advancing once again, with buyers stepping in around the ¥111.00 level over the past three sessions.
The move back above the 50-day SMA (¥111.19) adds to the bullish view. Further gains would target the area around ¥112.00 that has acted as resistance since the end of July, and then on to the ¥113.00 area. A close below ¥110.50 is needed to suggest further declines are at hand.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 110.76.
The projected upper bound is: 112.53.
The projected lower bound is: 110.30.
The projected closing price is: 111.41.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 23 white candles and 26 black candles for a net of 3 black 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 56.3049. This is not an overbought or oversold reading. The last signal was a sell 4 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 54.28. 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 34 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 88. This is not a topping or bottoming area. The last signal was a sell 4 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 8 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.050 at 111.390. Volume was 99% below average (consolidating) and Bollinger Bands were 39% narrower than normal.
Open High Low Close Volume___
111.440 111.480 111.360 111.390 1,203
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.23 111.22 109.81
Volatility: 6 6 8
Volume: 97,541 103,387 105,648
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 1.4% above its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 28 periods.