Japanese Yen: USD/JPY (JPY=X) outlook bullish for stronger gain to 118.59/61 early next week
Pay attention to the stock market, because it will make quite a bit of difference as to where this market goes. Ultimately, this is a market that I think continues to see a lot of noise but clearly if we break down below the ¥107 level, the bottom will fall out and we should continue to go much lower. I think if we do break to the upside, the ¥109 level is probably going to act as a ceiling in the short term, perhaps even longer term, if the economic situation doesn’t improve.
With the world economy stopping, the only thing that’s keeping this pair up is the fact that the US dollar is part of the equation. After all, the US dollar does attract a certain amount of attention due to the fact that there are US treasuries out there waiting to be bought. At this point, I am bearish but probably need to see a short-term bounce or a breakthrough that ¥107 level to get aggressive.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 111.12.
The projected lower bound is: 104.20.
The projected closing price is: 107.66.
A black body occurred (because prices closed lower 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 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 43.7500. This is not an overbought or oversold reading. The last signal was a buy 1 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 46.63. 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 28 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 -36. This is not a topping or bottoming area. The last signal was a buy 2 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 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.240 at 107.700. Volume was 47% below average (neutral) and Bollinger Bands were 12% wider than normal.
Open High Low Close Volume___
107.940 108.070 107.630 107.700 57,393
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 108.17 108.54 108.32
Volatility: 8 21 12
Volume: 129,628 136,446 98,622
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 0.6% below its 200-period moving average and is in an upward 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 bullish on JPY= and have had this outlook for the last 8 periods.
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