Japanese Yen: USD/JPY (JPY=X) rally picks up steam
A rising trendline from the March lows continues to offer support for USD/JPY, and the close above the resistance zone around ¥112.00 suggests a push to the July highs at ¥113.00.
Retracements towards ¥111.00 and the post-March trendline will continue to be buying opportunities, with a close below the September low, around ¥110.50, needed to indicate a bearish development.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 110.97.
The projected upper bound is: 113.38.
The projected lower bound is: 111.13.
The projected closing price is: 112.25.
A black body occurred (because prices closed lower 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 22 white candles and 27 black candles for a net of 5 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 88.6903. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 15 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 60.35. 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 45 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 112.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 10 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 19 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.010 at 112.260. Volume was 98% below average (consolidating) and Bollinger Bands were 16% narrower than normal.
Open High Low Close Volume___
112.270 112.290 112.210 112.260 2,034
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.77 111.38 109.75
Volatility: 6 6 8
Volume: 81,266 100,449 104,791
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 2.3% above its 200-period moving average and is in an upward trend. Volatility is low 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.