Japanese Yen: USD/JPY (JPY=X) Rebound has scope to extend higher but 112.14 is likely out of reach
Despite the overall positive indications, USD has not been able to make much headway on the upside as it traded within relatively narrow ranges over the past couple of days.
We continue see scope for a higher USD even though the major 112.14 resistance is unlikely to come into the picture. Only a break of 110.50 would indicate that the current mild upward pressure has eased.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.29.
The projected lower bound is: 110.13.
The projected closing price is: 111.21.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 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 80.6516. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 23 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 52.69. 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 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 88. This is not a topping or bottoming area. The last signal was a sell 1 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.110 at 111.190. Volume was 9% above average (neutral) and Bollinger Bands were 37% narrower than normal.
Open High Low Close Volume___
111.070 111.350 110.940 111.190 109,771
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 110.78 111.07 109.81
Volatility: 6 6 8
Volume: 108,653 104,625 106,109
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 1.3% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of JPY= (mildly bearish). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 22 periods.