Japanese Yen: USD/JPY (JPY=X) recovers its upward momentum
After several days of declines USD/JPY rebounded yesterday, stabilising around the 50-day simple moving average (SMA) of ¥107.06. If this can form a higher low, then a push above yesterday’s high will reinforce the bullish view and take the price on towards ¥108.40.
Bears will want to see a move below ¥107.50 in the short term, to revive the push towards ¥107.00 and revive the pullback that began at the end of last week.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 109.34.
The projected lower bound is: 106.42.
The projected closing price is: 107.88.
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 28 white candles and 22 black candles for a net of 6 white 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 43.9907. 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 56.15. 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 32 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 -2. This is not a topping or bottoming area. The last signal was a sell 5 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.110 at 107.870. Volume was 4% below average (neutral) and Bollinger Bands were 11% wider than normal.
Open High Low Close Volume___
107.760 107.950 107.410 107.870 87,383
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 107.85 107.07 109.19
Volatility: 6 9 7
Volume: 93,699 93,273 91,726
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 1.2% below 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 14 periods.
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