Japanese Yen: USD/JPY (JPY=X) plenty of reasons to rally
The US dollar has pulled back against the Japanese yen during the trading session on Thursday but has found enough support at the 61.8% Fibonacci retracement level to turn the market back around and show signs of life. At this point, the market looks as if we are trying to form some type of basing pattern, perhaps possibly an inverse head and shoulders if we extrapolate a move to the upside.
That being said, it appears that the market is fighting right along as the Philadelphia Fed Manufacturing Index came out much stronger than anticipated, and over 21 instead of the expected five. That drove risk appetite higher, mainly in the US stock markets. This of course shows itself in this pair, as it does tend to follow right along.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 108.56.
The projected lower bound is: 106.32.
The projected closing price is: 107.44.
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 23 white candles and 25 black candles for a net of 2 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 15.9294. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 2 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 40.76. 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 -143.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 6 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.200 at 107.490. Volume was 93% below average (consolidating) and Bollinger Bands were 19% narrower than normal.
Open High Low Close Volume___
107.280 107.600 107.200 107.490 6,558
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 108.12 108.54 110.64
Volatility: 6 7 7
Volume: 70,007 87,723 97,270
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 2.8% below its 200-period moving average and is in an upward 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 bullish on JPY= and have had this outlook for the last 9 periods.
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