Japanese Yen: USD/JPY (JPY=X) rally targets 200-day SMA

Japanese Yen: USD/JPY (JPY=X) rally targets 200-day SMA

Japanese Yen: USD/JPY (JPY=X) rally targets 200-day SMA

Gains continue here as USD/JPY moves on to challenge the 200-day simple moving average (SMA) of ¥111.27.

The ¥111.47 level, resistance in mid-December, is the next area to watch, but the overall trend is resolutely higher.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 111.90.

The projected lower bound is: 109.04.

The projected closing price is: 110.47.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 24 white candles and 25 black candles for a net of 1 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 79.5062. This is not an overbought or oversold reading. The last signal was a sell 0 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 57.28. 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 buy 29 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 132.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 6 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 buy 22 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.480 at 110.510. Volume was 9% below average (neutral) and Bollinger Bands were 31% narrower than normal.

Open High Low Close Volume___
111.000 111.120 110.450 110.510 97,922

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 110.11 110.21 111.29
Volatility: 6 8 7
Volume: 94,087 100,126 105,671

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 0.7% below its 200-period moving average and is in an upward 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 bullish on JPY= and have had this outlook for the last 13 periods.

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